- Cryptocurrencies have been gradually recovering as news about Facebook's globalcoin have dominated.
- Technical levels show how cryptos are well-supported and may eye a higher target.
- Here are the levels to watch according to the Confluence Detector.
No less than 100 employees are busy at Facebook HQ on the social media giant's crypto project – which is garnering more and more attention. CNBC has reported about the magnitude of the endeavor and that it is internally called "globalcoin." Other reports suggest that Mark Zuckerberg's firm will launch it as "Libra." And as Zuckerberg holds only roughly 28% of FB, the project will likely be decentralized as well – with 100 nodes.
In any case, the entry of a massive company into the crypto-sphere may prompt more mainstream interest in digital coins and can push the price higher.
Looking at the charts, cryptos' advance has not diminished their support – which remains robust – and allows for further gains. If Bitcoin, Ethereum, and Ripple jump this weekend, it will not be the first time this happens.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD has a higher based
Bitcoin enjoys massive support at $7,800, where a dense cluster of technical levels awaits it. This includes the Bollinger Band 1h-Middle, the Simple Moving Average 100-15m, the SMA 5-4h, the Fibonacci 23.6% one-day, the BB 15min-Lower, the SMA 50-1h, the SMA 200-15m, the SMA 10-4h, the BB 4h-Middle.
And if the granddaddy of cryptocurrencies breaches this line, the next cushion is close. At $7,640 we see the convergence of the SMA 200-4h, the Fibonacci 61.8% one-day, and the Fibonacci 38.2% one-month.
BTC/USD has some resistance around $8,050 where a juncture of lines awaits it. This includes the previous 4h-high, the SMA 5-1d, the Pivot Point one-week S1, and the BB 1h-Upper among others.
The king of cryptos may reach out to $8,215 as an initial target. It is where the Fibonacci 23.6% one-month, the SMA 100-4h, and the SMA 50-4h converge.
ETH/USD must win over $259
Ethereum has moved higher and now enjoys support at $246 which is the meeting point of the Bollinger Band 1h-Middle, the SMA 100-15m, the SMA 200-15m, the SMA 50-1h, the SMA 5-4h, the Fibonacci 38.2% one-day, and the SMA 10-4h.
Vitalik Buterin's creation has further support at $239 which is the convergence of the BB 1h-Lower, the Fibonacci 38.2% one-month, and the previous weekly low.
ETH/USD faces fierce resistance at $259 and must cross it to unleash the upside. The level is a minefield of lines including the SSMA 50-4h, the Fibonacci 23.6% one-month, the Fibonacci 61.8% one-week, the SMA 10-1d, the SMA 100-4h, the SMA 200-1h, and more.
It could then surge towards $277 where the Fibonacci 23.6% one-week and the BB 1d-Upper meet.
XRP/USD is eyeing $0.4750
Ripple has won over $0.40 and now enjoys support at a higher level – $0.4137 which is the confluence of the SMA 100-1h, the SMA 100-15m, the SMA 100-4h, the Fibonacci 61.8% one-week, and the Fibonacci 38.2% one-day.
The next shock absorber awaits at $0.4050 where we find the Fibonacci 38.2% one-month and the BB 4h-Middle.
XRP/USD faces resistance at $0.4312 where the BB 1h-Upper, the Fibonacci 23.6% one-month, and the previous daily high converge.
If it breaks higher, the upside target is clear – $0.4750 – which is the meeting point of the previous monthly high and the previous weekly high.
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