- Cryptocurrencies continue their consolidation on higher ground.
- All top three digital coins have clear barriers to cross in order to resume the rally.
- Here are the levels to watch according to the Confluence Detector.
Digital currencies have returned to limited range trading after the leap, and are looking for a new direction. As the weekend approaches, the next moves depend on breaking the next resistance lines.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD must cross
Bitcoin faces a plethora of resistance lines at $5,120 where we see the previous 1h-high, the Bollinger Band 1h-Upper, the Simple Moving Average 10-4h, the Fibonacci 38.2% one-day, the BB 15min-Upper, the SMA 50-4h, and the SMA 200-1h.
If it breaks higher, the immediate target is $5,358 which is the meeting point of the previous daily high and the previous weekly high. Further up, $5,595 os the convergence of the Fibonacci 161.8% one-day and the Pivot Point one-week R1.
BTC/USD enjoys support at $5,056 where the Fibonacci 23.6% one-week, the SMA 10-1h, the SMA 5-4h, the previous 1h-low, the Fibonacci 23.6% one-day, and the BB 15min-Middle all converge.
Further down, $4,725 is the confluence of the PP one-month R3, the SMA 100-4h, and the PP one-day S2.
ETH/USD needs to convincingly conquer $165.50
Ethereum is struggling around $165.50 where a dense cluster awaits Vitalik Buterin's brainchild. This includes the Fibonacci 23.6% one-day, the BB 1h-Middle, the Fibonacci 38.2% one-week, the SMA 10-1h, the previous 1h-low, the SMA 5-4h, the BB 15min-Middle, and more.
The upside target is $175 which is the convergence of the SMA 100-1h, the PP 1m-R3, and the PP 1d-R1.
ETH/USD has support at $161 which is the confluence of the previous daily low and the PP 1m-R2.
Further support is at $151 where the PP one-day S2 meets the PP one-month R1.
XRP/USD has a clear barrier at $0.3315
Ripple remains weaker and must surpass $0.3315 to move up. This is the juncture of the BB1d-Middle, the Fibonacci 23.6% one-day, the PP one-month R1, and the previous 4h-high.
It can then run to $0.3534 where two Fibonacci lines converge: the 161.8% one-month and the 38.2% one-week.
Support is at $0.3227 where the BB 15min-Lower, the SMA 50-1d, the PP 1w-S1, and the SMA 100-1d all meet.
BEST BROKERS TO TRADE CRYPTO
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