- Cryptos are consolidating the gains seen on Tuesday.
- The technical picture has improved and another leg higher may be seen now.
- Here are the levels to watch according to the Confluence Detector.
Cryptocurrencies took advantage of a technical upside window and moved to higher ground on Tuesday. They then got stuck, but this is not necessarily a bad thing. Apparently, this trading in the trenches allowed for the much-needed consolidation and another upside move may be in the works.
Yet not all digital coins were born equal and there are differences between the assets in both the strength of the technical clusters and the targets.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD enjoys support at $3,780
Bitcoin, the grandaddy of cryptocurrencies, enjoys support at $3,780 where we see a dense cluster of lines including the Fibonacci 23.6% one-week, the Simple Moving Average 10-4h, the SMA 10-1d, the the SMA 5-1d, the SMA 50-1h, the Bollinger Band 4h-Middle, the SMA 200-15m, and the SMA 100-1h.
If BTC/USD falls below the line, it may find a cushion at $3,573 where we see the Fibonacci 61.8% one-month meet last week's low.
Looking up, substantial resistance awaits at $3,877 which is the convergence of the Fibonacci 38.2% one-week, the BB 15min-Upper, and the Fibonacci 38.2% one-month.
The upside target is $4,005 which is the confluence of the Pivot Point one-day R2, the Fibonacci 61.8% one-week, and the Fibonacci 23.6% one-month.
ETH/USD is supported twice
Ethereum sits just above support at $137.43. At the time of writing, the area includes the Fibonacci 23.6% one-week, the BB 1d-Middle, the BB 1h-Middle, and the previous 4h low.
The second support line for Vitalik Buterin's brainchild is at $135.12 where the SMA 10-1d, the SMA 200-1h, and the SMA 50-4h converge.
ETH/USD has an upside target at $142.50 where the confluence of the Fibonacci 38.2% one-month, the Pivot Point one-day R1 and the Fibonacci 38.2% one-week awaits.
XRP/USD is also OK, but things are more complicated
Ripple has more support than resistance, like the other digital coins, but resistance is close and not negligible. At $0.3176, the BB 15min-Middle, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% converge.
Support is close $0.3140 where the previous 4h-low, the SMA 5-1d, the Fibonacci 38.2% one-day, and the BB 15-min Lower meet to create a minefield for the pair.
XRP/USD has an upside target of $0.3360 which is where the Fibonacci 23.6% one-month meets the price.
Lower support is at $0.3123 that is a juncture consisting of the SMA 50-1h, the Fibonacci 61.8% one-month, and the BB 4h-Middle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?