- Altcoins have gained ground and caught up with Bitcoin.
- All top three cryptocurrencies are at critical technical levels and could go both ways.
- Here are the next levels to watch according to the Confluence Detector.
Weekends are never boring in crypto-trading – but this one has been different. Ethereum, Ripple, Litecoin, and other Altcoins have been standing out with gains while Bitcoin retreated. This catching-up process was long-awaited and provides hope for cryptocurrency bulls. Bitcoin's bullish run seemed unsustainable while Altcoins were stagnating or losing ground.
News over the weekend has consisted of a special announcement by the People's Bank of China. The central bank of the world's second-largest economy has been in the limelight due to the devaluation of the yuan – a bullish BTC driver – but has now taken center stage by declaring that its digital currency is nearly ready. Investors will follow the launch of China's crypto.
Facebook's Libra remains a source of controversy with Ripple's CEO Brad Garlinghouse stating that the deal his company stuck with MoneyGram is more significant than the social giant's entry into the world of blockchain.
From Facebook and China's cryptos, let us dive into digital coins that are currently trading.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to cross $11,640
Bitcoin is currently battling the $11,404 area where we note a dense cluster including the Simple Moving Average 10-15m, the SMA 5-15m, the Bollinger Band 5-15m, the SMA 5-1h, the BB 15min-Upper, the SMA 200-15m, the SMA 10-1h, and the Fibonacci 38.2% one-day.
The critical line for the granddaddy of cryptos is $11,640, which is the convergence of the previous daily high, the SMA 1001-h, and the Fibonacci 61.8% one-month.
The upside target would then be $12,510 where the Pivot Point one-month R1 meets the BB 1d-Upper.
BTC/USD has some support at $11,286 where the Fibonacci 61.8% one-week and the Fibonacci 61.8% one-day converge.
The next cushion is at $10,841 where we find the confluence of the Fibonacci 161.8% one-day, the Pivot Point one-week S1, and the SMA 100-4h.
ETH/USD has a minefield to cross
Ethereum faces resistance at $215 which is the convergence of the Fibonacci 23.6% one-day, the Fibonacci 23.6% one-week, and the previous 4h-high.
The next cap for Vitalik Buterin's brainchild is $217.20 where the confluence of the BB 1h-Upper, the previous daily high and the SMA 4h await it.
Close by, $219 is the confluence of the Fibonacci 38.2% one-week, the SMA 50-4h, the SMA 200-1h, the SMA 10-1d, and the PP 1d-R1.
While these are all dense clusters of potent lines, Ether may cross each of them at a time, take a break, and continue higher. The upside target is $232 where we see the BB 1d-Upper, the PP 1d-R3, and the PP 1w-R1 converge.
ETH/USD enjoys support at $198 which is the confluence of the PP 1w-S1 and the PP 1d-S3.
Next, we find $190, which is where the previous monthly low meets the chart.
XRP/USD is locked in a range
Ripple is trading just above strong support at $0.30 which is a juncture including the BB 15min-Lower, the Fibonacci 61.8% one-day, the Fibonacci 23.6% one-week, the BB 4h-Middle, the BB 15min-Middle, and the SMA 5-1h.
Brad Garlinghouse's company's token faces resistance at $0.3060 which is the convergence of the Fibonacci 38.2% one-week, the previous daily high, and the BB 1h-Upper.
Beyond that level, the initial upside target is $0.3125 where we see the confluence of the SMA 100-4h, the BB 1d-Middle, and the PP 1d-R2.
Support awaits at $0.2905 where the previous weekly low meets the PP 1d-S2.
See all the cryptocurrency technical levels.
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