- The weekend recovery mode remains intact across the crypto market.
- Top 3 widely traded coins to maintain its recent trading range, awaits fresh catalysts.
The world’s no. 1 digital coin, Bitcoin, is seen struggling to catch up with the broader market recovery, as we head towards the weekly closing. However, the third most traded cryptocurrency, Ripple, remains the main laggard amongst the top three most favorite digital assets as it loses nearly 4.5% over the past week. Meanwhile, the first coin defends the minor bids, enjoying a market capitalization of $ 159.88 billion. The total market capitalization of the top 20 cryptocurrencies now stands at $243 billion, as cited by CoinMarketCap.
The top three coins are seen extending the recent trading range in the week ahead, with the key supports and resistances noted below, as indicated by the Confluence Detector.
BTC/USD: $ 8,880-8,900 – tough nut to crack
Bitcoin is trying hard to sustain the latest leg higher above the $ 8,800 mark, as it continues to face rejection around 8,880 levels, the strong confluence of the daily Bollinger Band middle boundary on the hourly sticks, , 38.2% Fibonacci retracement (Fib) of the daily and 10-4H Simple Moving Average (SMA).
Buying pressure will accelerate on a sustained break above the last, with the next supply zone aligned between 9k -9,064, the confluence of the round number and 38.2% Fib of the weekly price action coincide.
Despite the recent upside attempts, the path of least resistance could be to the downside, in absence of strong support levels that could guard the downslide, except for the one seen around 8,650, where the 161.8% Fib of the daily price move and 200-4H SMA coincide.
ETH/USD: Lacks directional bias
The recovery in Ethereum meets fresh supply on every attempt towards a pack of resistances located between 187.50-190, despite having taken out the key resistance near 185.50, where the Fib 38.2% and 23.6% Fib of the daily price action intersect with the critical weekly Fib 61.8%.
Only a break above the 190 handle could offer a fresh zest to the ETH bulls.
To the downside, the immediate support of 161.8% Fibonacci retracement of the daily price action and 200-4H SMA around 181.50 will be tested. On a failure to resist the last, the price could slump to 170 levels amid a lack of alignment of the strong supports.
XRP/USD: Further falls likely below $ 0.2770/50 - key support
Ripple is seen consolidating around 0.2800 levels, as the bulls gather pace for a test of a strong resistance placed between 0.2870-0.2898 (38.2% Fib of the weekly as well as monthly declines).
A break above that level, the coin is likely to face the next strong resistance near $ 0.3000, the confluence of the Fib 23.6% (month) and 61.8% of the weekly movement.
The price risks further downside should it breach the daily lows of 0.2768. The next support awaits at 2,709/10, where the previous low and Fib 61.8% of the month’s action coincide.
See all the cryptocurrency technical levels.
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