Top 3 Bitcoin, Ethereum and Ripple Price Predictions: Slight advances in a complex environment - Confluence Detector
- Bitcoin finds support above $6,700 with significant resistance at $6,800, $6,850 and $6,960.
- Ethereum finds support in the short term above $470 with the challenge of beating significant resistance to $500.
- Ripple is comfortable above $0.47 but must overcome strong resistance from $0.48 to $0.50.
BTC/USD 1D
BTC/USD has found some short-term support above $6,700. It is on a confluence formed by a combination of significant indicators, such as the 38.2% Fibonacci level in the daily range or 4-hour moving averages. Above this level, yesterday's high of $6,783 as an intermediate barrier to the true upward hurdle of $6,850, formed by the confluence of Pivot Point's R1 level in the weekly range and Fibonacci's 161.8% in the daily range.
On the downside, apart from the $6,700 support, BTC/USD would find the second support at $6,660, which includes the weekly 161.8% Fibonacci, and the daily Pivot Point S1. Twenty dollars lower, BTC/USD is expecting the Pivot Point S3 daily and both the Fibonacci 38.2% weekly and monthly.
Ethereum is in a zone equidistant between the first zone of support consisting of $470 and $498 where strong resistance is expected.
Below the current price are many technical indicators with the ability to support the ETH/USD, including the S2 level of the daily Pivot Point at $478 and the 23.6% Fibonacci retreat in the weekly range. At $470, the daily Pivot Point S3 level provides strong support.
On the upside, the difficulties start at over $490, where the R1 level of the weekly Pivot Point and the 38.2% Fibonacci retracement level in weekly and monthly ranges converge at just ten dollars. Beyond that, ETH/USD will need to fight to overcome the $520 level, where the R3 level of weekly Pivot Point and the %61.8 level of monthly Fibonacci waits.
Ripple has more resistance than support to help it in the event of falls, all of which is centered a bit above $0.477.
The first one is just below the current price and where the 23.6% of Fibonacci daily tops the list of indicators to take into account. Further down, XRP/USD would find support at $0.475, where Fibonacci's weekly decline of 61.8% and yesterday's highs converge. The $0.472 level awaits ETH/USD with the S1 Pivot Point level in the daily range. In case the downward move doesn’t stop here, the coin may continue to $0.467 where the S2 Pivot Point level could provide support.
On the bullish side, the most crucial challenge is at $0.48, where the Fibonacci retracement of 38.2 % and the maximum of 4 hours converge. The heavyweights of this series of indicators that are acting as resistances are above $0.49, such as the 23.6% of Fibonacci in monthly, the 38.2% in weekly and the R2 of Pivot Point calculations in daily range.
All in all, it is not going to be easy for Ripple to get past this area.
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.
