- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?