Top 3 Price Prediction Bitcoin, Ripple, Ethereum: No love from technicals on Valentine's- Confluence Detector

• Cryptocurrencies grind lower on Valentine's Day, slipping to the lower ground.
• Top cryptos face difficult technical hurdles, with the only one enjoying support being Ripple.
• Here are the levels to watch according to the Confluence Detector, our proprietary tool.

 

There is no love lost between bulls and cryptocurrencies on Valentine's Day. Digital coins are not suffering massive falls, but the gradual grind lower is frustrating, especially as there are no catalysts for the move.

JP Morgan is set to launch a JPM Coin to help speed up settlements using the blockchain technology. Baidu, a Chinese tech giant (one of the big BATs) is launching a Bitcoin operating system. And Santander, a Spain bank that operates around the world, stroke a deal with IBM that involves the usage of blockchain technology. 

These are all interesting and positive stories that, if anything, should push prices higher.

This is what the Crypto Confluence Detector shows.

BTC/USD locked quite tightly

Bitcoin is in a sticky situation, surrounded by heavy-weight technical lines from all sides. The good news is that support is slightly more significant than resistance. 

At around $3,565 we see a dense cluster including the Bollinger Band 4h-Lower, the BB 1h-Lower, yesterday's low, the Simple Moving Average 5-1h, the BB 15min-Middle, the SMA 10-15m, the SMA 10-1h, the SMA 5-15m, and the Fibonacci 38.2% one-week. 

Resistance is also a minefield including the SMA 5 one-day, the BB 4h-Upper, the Pivot Point one-day R1, the Fibonacci 23.6% one-week, the SMA 50-1d, yesterday's low, and the Fibonacci 23.6% one-week. 

BTC/USD can run all the way to $3,919 if it breaks higher: we see the PP one-week R2 and the PP one-month R1 meet there.

On the downside, the granddaddy of cryptos has support around $3,345 where we see last week's low and the BB 1d-Lower.

ETH/USD led the rise, leads the fall

Ethereum is badly positioned. It is capped by $123 which is a busy juncture including the SMA 10-1h, the SMA 10-15m, the SMA 5-1d, the SMA 5-4h, the SMA 100-15m, the Fibonacci 23.6% one-day, the SMA 50-15m, the SMA 50-1h, the SMA 5-15m, the SMA 200-15m, the BB 1h-Middle, and the SMA 10-4h.

At around $124.66, Vitalik Buterin's brainchild faces another cap: the BB 4h-Upper, the BB 1h-Upper, the SMA 50-1d, and the Fibonacci 61.8% one-day.

Further up, it may run to $131 where the confluence of the SMA 100-1d and the Fibonacci 161.8% one-day awaits the  ETH/USD 

On the downside, we see the SMA 50-4h and the Fibonacci 23.6% one-month converge at $117.

XRP/USD is better positioned

Ripple enjoys better conditions on top of a stable support line. At $0.3040 we see the convergence of the SMA 10-1d, the SMA 100-14h, the BB 15min-Middle, the BB 4h-Middle, the SMA 5-1h, the SMA 10-1h, the SMA 50-15m, the SMA 5-4h, the Fibonacci 23.6% one-day, the SMA 100-1h, the BB 1-Middle, and the SMA 10-4h. 

At $0.387, XRP/USD faces fierce resistance, but it is somewhat weaker than support. We see the confluence of the Fibonacci 61.8% one-day, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% one-month.

An upside target is $0.3245 which is the meeting point of the Fibonacci 38.2% one-month, the Fibonacci 161.8% one-day, and the BB 1d-Upper. 

On the downside, the target would be $0.2880 where we see the BB 1d-Lower meeting last week's low.

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