- Cryptocurrencies have emerged as winners in the Labor Day weekend.
- As liquidity returns to normal, bulls may seek to extend their gains.
- Here are the next levels to watch according to the Confluence Detector.
Bitcoin has surged above $10,000 – and carried its peers with it. The move came after digital coins traded in low levels for several painful days.
Bakkt begins its soft launch on September 6, with the full launch on the 23. The new options initiative is backed by cash settlements – potentially resulting in funds flowing into cryptocurrencies. Preparations to Bakkt's launch may be behind the current rise.
Moreover, the ongoing trade war between the US and China is another potential upward driver. The world's largest economies have failed to schedule new talks so far.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break $10,404
Bitcoin faces significant resistance at $10,414, which is a dense cluster of lines including the Simple Moving Average 10-15m, the previous 4h-low, the SMA 5-1h, the Bollinger Band 4h-Upper, the BB 15min-Middle, the SMA 10-1h, the Pivot Point one-week Resistance 1, and the SMA 50-1d.
If it breaks higher, the next target is $11,210, which is the confluence of the Fibonacci 61.8% one-month and the PP 1w-R2.
BTC/USD enjoys support at $10,080, which is where the Fibonacci 23.6% one-month and the Fibonacci 61.8% one-day converge.
Further down, $9,865 is the meeting point of the Fibonacci 38.2% one-week and the SMA 50-4h.
ETH/USD is well-supported
Ethereum has advanced and now enjoys support at $175, which is the confluence of the Fibonacci 61.8% one-day and the Fibonacci 38.2% one-week.
It is followed by $170, where the previous daily low and the Fibonacci 23.6% one-week converge.
ETH/USD may now look up to the higher ground. It faces resistance at $182, which is the juncture that sees the BB 1h-Upper and the Fibonacci 23.6% one-month.
The upside target is $195, where the previous weekly high meets the PP 1d-R1.
XRP/USD battles $0.26
Ripple is battling $0.26 which is a dense cluster including the Fibonacci 38.2% one-week38.2% one-week, the SMA 5-15m, the SMA 10-15m, the SMA 200-1h, the SMA 5-4h, the BB 1h-Middle, the BB 15min-Middle, and the Fibonacci 38.2% one-day.
The upside target is $0.2675, which is the convergence of the PP 1d-R1, the SMA 100-4h, and the BB 1d-Middle.
Support is close, at $0.2580, which is the confluence of the BB 1h-Lower, the BB 4h-Lower, the SMA 200-15m, the SMA 50-1h, the SMA 5-1d, and the Fibonacci 61.8% one-day.
There are several support lines with the most noteworthy one awaiting at $0.2472, which is the meeting point of the previous weekly low and the Fibonacci 161.8% one-day.
See all the cryptocurrency technical levels.
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