Top 3 Bitcoin, Ethereum and Ripple Price Predictions: Nerve-wrecking falls continue - Confluence Detector
- Bitcoin breaks below the $6,300 level, targeting $5,800.
- Ethereum's target is $407, with some support at $420.
- Ripple finds strong support at $0.425.
BTC/USD 240 min
Bitcoin is currently trading around $6188, just below the resistance formed by the confluence of the mega-resistance formed by 32 indicators from all kind of time frames. This resistance covers, without no rest, a $350 range, from $6,150 to $6,500. In addition to this huge confluence, Bitcoin has the strongest single confluence at $6,600, formed by, among others, the R3 Pivot Point level and the 38.2% monthly and weekly Fibonacci levels.
Below the current price, Bitcoin has few supports and none of them are formed by more than two indicators. The strongest support level for the BTC/USD, formed by the S3 weekly Pivot Point and the monthly low, is located at the $5,780 level.
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ETH/USD 1D
Ethereum is currently trading around the $430 level, mid-way between the two major confluence levels. Above the current price, fifteen dollars beyond the ETH/USD spot price, the confluence of the daily high and the S1 weekly Pivot Point. Below the current price, at the $415 level, the S2 daily Pivot Point and the 161.8% weekly Fibonacci retracement, another confluence which could limit the free movement of the Ethereum.
On the furthest edges of the Confluence Indicator for Ethereum in the 4-hour range, two medium strength confluences await their opportunity. At the top of the indicator range, located at $460, a confluence formed mainly by the 23.6% monthly Fibonacci retracement level. In the opposite side, Ethereum has a key price level located at $403, where the S3 weekly Pivot Point and the monthly lows make a strong confluence.
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XRP/USD 1D
Ripple has endured quite well the last wave of trading now at $0,43. XRP/USD is also mid-way between the two strongest confluence levels. Above the spot price, located at $0,447, the aggregate of, among others, the 61.8% daily Fibonacci level, the 38.2% daily Fibonacci level and the weekly lows. Below the current Ripple price, and located at the $0,425, the confluence has the monthly lows and the hourly Bollinger Indicator lower band as its main components.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
