- Cryptocurrencies have been holding onto their gains after rising over the weekend
- Facebook will reportedly launch its Libra blockchain project as early as Tuesday.
- Here are the next levels to watch according to the Confluence Detector.
If the reports are correct, Facebook will leap into blockchain technology with its Libra project on Tuesday. The social media giant may also announce a Testnet and has listed a long list of partners that hold the network nodes.
According to RBC Captial, Facebook's stablecoin will be a milestone for the internet behemoth and will open new revenue streams – and significant development for FB is also a huge leap for cryptocurrencies.
Previous reports claimed that the company already has around 100 employees involved in the project but will be legally based in Geneva, Switzerland.
What levels should we watch?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD has a solid base, eyes $10,020
Bitcoin enjoys a considerable cushion around $9,150 which seems able to absorb significant profit-taking. The dense cluster includes the Pivot Point one-week Resistance 1, the Bollinger Band one-day Upper, the Simple Moving Average 504h, the SMA 10-4h, the SMA 50-1h, the SMA 200-15m, and last month's high.
The initial upside target is $9,520 which is the meeting point of the BB 4h-Upper and the PP one-week Resistance 2.
BTC/USD's upside target $10,020 which is where the Pivot Point one-month Resistance 1 hits the price.
Next up, we find $10,300 where the PP 1w-R3 awaits the price.
ETH/USD targets $289
Ethereum faces some resistance at $278 where we see the confluence of the BB 4h-Upper, the previous daily high, the BB 1d-Upper, the PP 1d-R1, and the PP 1w-R1.
Next up we find the upside target of $289 which is where the previous monthly high and the Fibonacci 161.8% one-day converge.
ETH/USD has initial support at $270 which is a minefield of lines including the SMA 5-4h, the Fibonacci 38.2% one-day, the previous 4h-low, the BB 1h-Middle, the SMA 50-1h, the SMA 200-15m, and the SMA 100-15m.
The next noteworthy cushion is at $255 which is the convergence of the SMA 10-1d, the SMA 100-4h, the BB 4h-Lower, the SMA 200-4h, the Pivot Point one-day S2, and the SMA 200-1h.
Ripple is locked in a narrow range. Resistance awaits at $0.4366 which is the meeting point of the Fibonacci 23.6% one-day, the BB 15min-Upper, and the PP 1w-R2.
Support is at $0.4320 where the BB 1h-Middle, the Fibonacci 23.6% one-month, the BB 15min-Lower, the previous 1h-low, and the SMA 50-15m converge.
The upside target is at $0.4610 which is the confluence of the PP 1d-R2 and the PP 1w-R3.
Down below, $0.4050 is the convergence of the SMA 200-1h, the SMA 50-4h, and the Fibonacci 38.2% one-month.
See all the cryptocurrency technical levels.
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