- Cryptocurrencies suffered a fall on Thursday, but hold did not go too far.
- Russia's intention to purchase digital coins should provide a boost.
- Here are the levels to watch according to the Confluence Detector.
After several days of modest climbs in limited ranges, markets began moving and cryptocurrencies dropped. Ethereum led the charge, Bitcoin was carried lower, while Ripple showed some resilience.
Cryptos may have reasons to rise, as Russia is mulling the purchase of digital currency in order to circumvent the sanctions. The news about this additional demand is joined by reports that Coincheck, a prominent Japanese exchange, will register as a crypto-exchange.
Will coins rebound? The upside technical targets are clear to see.
BTC/USD needs to break above $3,875
Bitcoin, the granddaddy of cryptos that recently celebrated 10 years, has to make a move above $3,875. The level is a dense cluster of lines including the Bollinger Band one-day Middle, the Simple Moving Average 200-1h, the Fibonacci 23.6% one-week, the SMA 10-one-day, the Fibonacci 61.8% one-day, the SMA 50-4h, and more.
A minor hurdle awaits at $3,745 where we see the Fibonacci 38.2% one-day, and the Fibonacci 61.8% one-week converge.
Looking down, BTC/USD may find support at $3,573 which is the confluence of the Fibonacci 38.2% one-month, yesterday's low, and the BB 1h-Lower.
The next support line is $3,403 which is the meeting point of the Pivot Point one-month Support 3 and the Fibonacci 23.6% one-month.
ETH/USD eyes $131
Ethereum initially needs to regain $125.80 where we see the confluence of the BB 1h-Lower, the SMA 5-15m, the BB 4h-Lower, and the BB 15m-Lower.
The upside target is $131 which is the juncture of the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-day, the BB 15m-Upper, the BB 1h-Upper, and last week's low.
Some support awaits at $120 which is the meeting point of the PP 1w-S2, the SMA 50-1d, and the SMA 200-4h.
A considerable cushion to Vitalik Buterin's brainchild awaits at $112.70 which is the convergence of two Fibonacci lines: the 61.8% one-month and the Fibonacci 161.8% one-week.
XRP/USD needs to cross $0.3980
Ripple has the first hurdle at $0.35, a round level and also the confluence of the Fibonacci 38.2% one-month, the SMA 10-4h, last week's low, and the Fibonacci 38.2% one-day.
The more important target for XRP/USD is at $0.3980 where we see the Fibonacci 61.8$ one-day, the SMA 200-1h, the SMA 4h, the SMA 10-one-day, and the Fibonacci 38.2% one-week.
Support awaits at $0.3244 which is the meeting point of the Fibonacci 23.6% one-month and yesterday's low.
BEST BROKERS TO TRADE CRYPTO
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.