Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Ignore current prices, technical picture has materially improved


  • Cryptocurrencies are now better supported after a vulnerable Thursday.
  • Expiration of futures and long US weekend may trigger high volatility.
  • Here are the next levels to watch according to the Confluence Detector.

Digital coins were in a perilous state on Thursday – with few support lines to hold them. However, Bitcoin, Ethereum, and Ripple managed to weather the storm by remaining in place, and have materially improved their positions.

The low volatility environment is set to change for two reasons. First, Bitcoin options expiring in the Chicago Mercantile Exchange (CME) – an event that has previously resulted in spikes in price action. 

The second reason is the long Labor Day Weekend in the US. The absence of traders may result in lower liquidity – allowing for sharper moves in markets.

Let us examine how currencies are positioned.

This is what the Crypto Confluence Detector shows in its latest update:

Bitcoin Ethereum Ripple August 30 2019 technical confluence

BTC/USD finding support

Bitcoin has found support at $9,520, which is a dense cluster of lines including the Fibonacci 38.2% one-day, the Simple Moving Average 100-1h, the SMA 100-15m, the SMA 50-15m, the Bollinger Band 1h-Middle, the SMA 5-4h, the BB 15min-Middle, and more. 

It has several additional support lines below, with the most notable one being $9,122, which is the convergence of the previous monthly low and the Pivot Point one-day Support 2.

BTC/USD may now begin looking to the upside. The granddaddy of cryptocurrencies faces resistance at $10,117, where we see the confluence of the SMA 50-4h, the SMA 100-1d, the Fibonacci 23.6% one-month, and the SMA 200-1h.

Next up, Bitcoin has another cap at $10,515, which is the meeting point of the BB 4h-Upper, the Fibonacci 38.2% one-week, and the SMA 50-1d. 

ETH/USD struggles above support 

Ethereum has also improved its situation and enjoys massive support. Can it move higher? Vitalik Buterin's brainchild sits above $169.50, which is the convergence of the PP 1w-S2, the SMA 10-4h, the SMA 5-15m, the BB 1d-Lower, and the previous 15min-Low.

The way down is packed with additional technical lines, the most noteworthy one being $165, where we see the confluence of the Fibonacci 161.8% one-week, the Fibonacci 23.6% one-day, and the BB 1h-Lower converge.

ETH/USD eyes resistance at $180, which is the meeting point of the previous weekly low and the SMA 100-1h.

Next up, $191 is the upside target for Ether. It is where the previous monthly low hits the price.

XRP/USD finds some stability

Ripple is trading within a narrow range of support and resistance lines. Support awaits at $0.2554, which is a juncture including the SMA 5-1h, the BB 1h-Middle, the SMA 5-4h, the SMA 5-15m, the previous 4h-high, and the BB 15min-Upper.

Resistance is at $0.2634, where we see the confluence of the PP 1m-S1, the previous daily high, and the SMA 100-1h. 

XRP/USD is looking to $0.2848 as an upside target. It is the meeting point of the previous monthly low and the Fibonacci 23.6% one-week.

Low support awaits at $0.2420, where the PP 1d-S2 and the PP 1w-S2 converge.

See all the cryptocurrency technical levels.

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.

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