- Bitcoin is in a very favorable position to rise in a hesitant market.
- Ethereum is in a dirty area, barely allows the $500 mark to be seen.
- Ripple needs to exceed $0,485 to gain consistency and confidence.
Bitcoin has a sequence of confluences above the current price level, reaching up to $7,645, the last obstacle to reach a very clean area of the chart. In fact, BTC/USD is already immersed in this confluence of confluences.
Bitcoin is now trading at $7,464, about $200 below the target but it still has work to do. The series of indicators, more than 24, includes, among others the daily 23.6% and 38.2% Fibonacci retracements, the 4-hour high, the monthly R1 Pivot Point level, yesterday’s high and the daily R1 Pivot Point level.
Below the current price, there are multiple supports reaching up to the price level of $6,547. Just below the current price level, strong support is composed mainly of the confluence of the weekly R3 Pivot Point level and the daily 61.8% Fibonacci retracement level. A little lower, in the price range between $7,380 and $7,257, the daily S1 Pivot Point, the weekly 161.8% Fibonacci retracement and yesterday's low among other less powerful indicators.
Continuing with the support review, the $7,200 support level shows the daily S2 Pivot Point level. At the price level of $7,120, the weekly R2 level of Pivot Point and the daily 161.8% Fibonacci retracement. In the $7,000 range, those responsible for providing support are the daily S3 level of Pivot Point and the monthly 61.8% level of Fibonacci.
As if this arsenal of support levels was not enough, between the price levels of $6,850 and $6,550 there are strong supports formed by, among others, the weekly and monthly highs, the daily SMA50, the weekly R1 level of Pivot Point and the weekly 61.8% levels of FIbonacci and the monthly 38.2% Fibonacci retracement.
No wonder why Bitcoin didn't fall this morning!
Ethereum presents a much less clear scenario and presents serious doubts about its evolution. ETH/USD is currently trading at $460, with many confluences to face if it is to recover to the levels of the July, 18th.
Just above the current level, there are eight short-term indicators plus yesterday's low, followed by the $466 price level at the confluence of five short-term indicators.
From here, things get complicated and medium and long-term indicators begin to appear continuously at $478, including the weekly 61.8% Fibonacci retracement and the daily 23.6%, 38.2% and 61.8% Fibonacci retracement levels.
From here it does not improve, actually it does the opposite: from this level and up to the price level of $495 there are, among others, the daily and weekly Pivot Point R1 level, yesterday's high, the monthly Fibonacci 38.2% level and the daily Pivot Point R2 level.
But the biggest target price to breach and consolidate is the $500 level. No more and no less than the strongest confluence of the range protects this already psychologically complicated price level, where the maximums of the week and the 161.8% Fibonacci level appear.
Below the current price, first confluence zone at $458 formed by the daily S1 Pivot Point level and the 1-hour low. Below this level, at $454, we find the confluence of the monthly 23.6% Fibonacci level with 5 lower range indicators. It is not until the $450 that we find confluences of some consideration, as the daily Pivot Point S2 level and the weekly 38.2% of Fibonacci meet there. Already below this confluence, at the price level of $430, the confluence of the daily S3 Pivot Point and the weekly 23.6% Fibonacci is what’s left to sustain Ethereum if it moves downwards.
Ripple is in a similar situation to Ethereum. Many resistances and few supports.
Above the current price level, continued resistance zone at $0.493, no less than 39 indicators of different time frames and influence. From lowest to highest price, the S2 daily Pivot Point level, the weekly 61.8% Fibonacci, the daily S1 Pivot Point level, the daily minimum, the weekly R1 Pivot Point level, the daily 23.6%, 38.2% and 61.8% Fibonacci, the daily R1 Pivot Point level and finally the monthly 23.6% Fibonacci level. If, despite the difficulty, the XRP/USD manages to overcome all these obstacles, the confluence of the daily R3 Pivot Point level and the weekly R2 Pivot Point level of the same indicator awaits you at the price level of $0.515. Not bad at all.
Below the current price, there is some support between the $0.449 and $0.437 levels, where the weekly 38.2% Fibonacci level, the daily S3 daily Pivot Point level and the weekly 23.6% Fibonacci level converge. Just up to the price level of $0.426, where the low of the month meets the minimum of the week. As we can see, supports as scarce as in the case of Ethereum.
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