- Cryptocurrencies have been holding up as critical players reconsider involvement in Libra.
- Cryptos need to cross critical resistance to hit higher ground.
- Here are the next levels to watch according to the Confluence Detector.
When Facebook launched Libra in June, it presented its payment partners – Visa, Mastercard, PayPal, and Stripe. These giants are now reconsidering their position. Bloomberg reports that the big four are now wary that their reputation may be tainted by being associated with the project.
Facebook has been until fire from various regulators and also by politicians due to privacy concerns. If these partners ditch Libra, others could follow and it could undermine the potential that it gets off the ground.
Back in June, Bitcoin and other digital coins jumped on the prospects that the social media behemoth will make cryptocurrencies more mainstream. However, cryptos have also cooled towards Facebook's project. Some feared that Libra may drown out demand for existing coins. The fresh news has failed to push cryptocurrencies lower, as the move may turn out favorable for them.
How are Bitcoin, Ethereum, and Ripple positioned?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break above $8,427
Bitcoin is trading around the dense cluster of $8,335, which includes the Simple Moving Average 200-15-minutes, the SMA 50-1h, the Bollinger Band 15-minutes Upper, the Fibonacci 23.6% one-week, and the SMA 5-4h.
The critical level to surpass is $8,477, which is the convergence of the BB 1h-Upper, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-month. From there, it has only weak resistance to the upside.
BTC/USD enjoys support at $8,219, which is the confluence of the BB 1h-Lower, the BB 4h-Middle, the previous daily low, the SMA 5-one-day, and more.
Further support awaits at $7,750, which is where the previous monthly low and the previous weekly low converge.
ETH/USD battles $177
Ethereum is battling $177, which is a minefield of lines, including the SMA 10-1h, the SMA 10-15m, the SMA 50-15m, the Fibonacci 38.2% one-week, the previous 4h-high, the Fibonacci 23.6% one-day, the SMA 5-15m, the SMA 5-4h, and the BB 1h-Middle.
Vitalik Buterin's brainchild faces some resistance around $181, where we see the convergence of the BB 1h-Upper, the Fibonacci 61.8% one-month, and the Fibonacci 61.8% one-day.
The upside target is around $191.50, which is the juncture of the SMA 100-4h, the PP 1d-R2, and the Fibonacci 61.8% one-week.
ETH/USD has support around $174, which is the confluence of the SMA 50-4h, the SMA 5-1d, the SMA 200-1h, the previous daily low, and the BB 1h-Lower.
Next, Ether has some support at $167.50, which is where the Fibonacci 23.6% one-week and the PP 1d-S2.
XRP/USD needs to break $0.2515
Ripple needs to break above $0.2515, which is the meeting point of the BB 1h-Middle, the SMA 10-1d, the SMA 100-15m, the previous yearly low, and the Fibonacci 38.2% one-day.
The next target for XRP/USD is $0.2620, which is the confluence of the SMA 200-4h, the previous daily high, and the Fibonacci 61.8% one-week.
Support awaits at $0.2467, which is a dense cluster of lines including the previous 4h-low, the SMA 504h, the SMA 200-1h, the SMA 5-1h, and the BB 15-minutes Middle.
The downside target is $0.2172, which is where the previous monthly low and the previous weekly low hit the price.
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. 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's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.