Top 3 Price Predictions: Bitcoin, Ethereum and Ripple are leaving the danger zone - Confluence Detector
|- Showing strong buyer interest, increasing levels of investment reached will give Crypto holders some peace of mind.
- It is still too early to forget on the bearish trend, but today’s scenario is much more favorable to a start of a significant uptrend.
It’s been just one week since we highlighted the lowest ever purchasing levels across the Crypto board, but money came back over the weekend. It is too early to declare an end to the downward trend in the Crypto sector, and we still don’t have strong enough arguments to consider that a significant upward movement has begun, a movement that could send Bitcoin, Ethereum or Ripple to new highs. Overcoming the closest resistances could be key to drawing up a bullish scenario for the second half of the year.
BTC/USD 1D
Bitcoin is trading at $6.560 at the beginning of the US session, just above a vital confluence zone that is supported by the 38.2% level of Fibonacci retracement in monthly and daily terms, among other indicators. This support zone has continuity, and the BTC/USD could find essential supports in all the shorter ranges up to the $5.800 level, where Bitcoin left the monthly and weekly lows. The intermediate zone to be monitored is around $6.450, as it passes through the R1 level of Pivot Point in the weekly range and the 61.8% of Fibonacci retreat in the daily range.
On the upside, things have improved a lot for the BTC/USD price, and it is not until the $6.700 level that bulls could get a little more complicated path, with the R2 level of Pivot Point in the weekly range and yesterday's highs a few dollars lower. Above $7.050, the mid-term projections should improve a lot for Bitcoin, but before getting there, BTC needs to exceed the R3 level of Pivot Point in the weekly range and the 61.8% level of Fibonacci setbacks in the monthly scale.
ETH/USD 1D
Ethereum against the Dollar has also benefited from the fresh money that has entered the market and is conquering levels that are located it in an area of relative calm, where the end of the current trend is likely. Looking at the Technical Confluences tool for Ethereum, it is easy to see that the situation is worse than in Bitcoin and that there are more obstacles to rise and less support.
ETH/USD is currently trading at $465,75, some distance from its most robust bullish barrier, passing through $475 and signaling a confluence of indicators such as the 23.6% Fibonacci retracement level and the R1 Pivot Point level in the weekly range. Right on top of that, you're looking at yesterday's and last week's highs.
As support, Ethereum has two good allies at the $460 mark, the 23.6% of the monthly Fibonacci retracement and the 61.8% of daily Fib retracement. From this level down to $400 we can find multiple supports, such as the 61.8% weekly Fibonacci retracement level ($450), the 38.1% weekly Fibonacci retracement level ($430) or the S3 level of Pivot Point in the daily range.
XRP/USD 1D
Ripple hasn't benefited as much from the buyers’ momentum but has managed to exceed $0,470, opening the doors to a less pessimistic scenario in the short term. It trades right now at $0.493, just below Fibonacci 23.6% monthly retracement level. If this does not provide enough resistance, it adds the weekly Pivot Point level R1. Two cents higher, the weekly highs and several minor indicators end up building a confluence that will take a stronger effort to beat than the Ethereum. The most critical resistance level is $0.53, where the weekly Pivot Point R2 converges with the monthly Fibonacci R2 and the monthly Fibonacci 38.2% retracement level.
On the technical support side, the key technical levels are quite scarce, which adds some fragility to the current situation of Ripple. It is not until the $0.45 that we find an indicator with significant weight, the weekly Fibonacci recession level of 38.2%. A penny lower, our confluence indicator highlights the presence of yesterday's highs and the weekly Fibonacci retracement level of 23.6%.
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