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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Are crypto whales ready to re-accumulate or are we seeing just another dead cat bounce? Technical levels - Confluence Detector

  • Cryptocurrencies are stabilizing over the weekend after the SEC sucked the life out of them earlier.
  • Each cryptocurrency is in a different state.
  • Here are the levels to watch according to our proprietary technical tool.

After the US Securities and Exchange Commission (SEC) decided to delay its decision on the SolidX / Van Eck Bitcoin ETF decision to February, the granddaddy of digital coins dipped below the previous low of $3,466, Ripple slipped below $0.30, and Ethereum went into double-digit territory.

Yet after the fall on late Thursday / early Friday, we see some stability over the weekend. In the recent month, these periods of stability were only temporary calms before the next storms and cryptos then suffered further crashes. 

However, some suspect that whale accumulation is near. After the big players dumped cryptos to lower the price, they will begin buying gradually at lower levels. That is the theory. Is the rout near?

Here are the levels to watch on Bitcoin, Ethereum, and Ripple.

Bitcoin Ripple Ethereum December 9 2018 confluence levels

BTC/USD needs to top $3,489 in order to escape $3,000

Bitcoin stabilized at the $3,300 handle and is looking for the next move. Some resistance awaits at $3,419 which is the convergence of the Simple Moving Average 5-4h, the SMA 50-1h, the SMA 200-15m, and the Fibonacci 61.8% one-day.

The more significant hurdle is $3,489 where we see the confluence of the Fibonacci 23.6%, the previous month's low, and the Bollinger Band 1h-Upper.

On the downside, we see support at $3,209 with the meeting point of the Pivot Point one-day Support 1 and yesterday's low. 

However, the real cushion for BTC/USD is only below $3,000 at $2,980 which is last year's low and the Pivot Point one-month Support 1, both potent lines.

ETH/USD first needs to climb above $92 before thinking of $100

Ethereum has a more complicated technical picture, with quite a few dense clusters of resistance to the upside.

At around $92 for one Ether, we see the confluence of the Fibonacci 23.6% one-week, the SMA 100-15m, the Bollinger Band 1h-Middle, the Fibonacci 38.2% one-day, and the Simple Moving Average 5-4h.

Further above, $97.50 sees the concentration of the Fibonacci 38.2% one-week, the Bollinger Band 1h-Upper, the previous day's high, and the SMA 100-1h.

Looking down, some support awaits at $88 where we see the Fibonacci 61.8% one-day, the previous hourly low, and the SMA 50-1h converge.

The downside target is $81.50 which is the meeting point of two Bollinger Band levels: the 4h-Lower and the one-day Lower.

The prospects for Vitalik Buterin's brainchild remain bleak.

XRP/USD eyes only one hurdle: $0.3250

Ripple has not reached the yearly lows but is not too far away. Its hope is one specific level.

At $0.3250 we see a dense and explosive cluster including the Fibonacci 38.2% one-week, the Simple Moving Average 100-1h, the Pivot Point one-day R2, and last month's low.

Minor resistance a bit lower awaits at $0.3133 which is the confluence of the Fibonacci 23.6% one-week, the PP one-day R1 and the previous day's high.

Support awaits at $0.2956 with the BB one-hour Lower, the previous 4h low, and the Fibonacci 23.6% one-day.

The downside bearish target is $0.2703 which is the meeting point of the PP one-month S1 and the PP one-month S1.

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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