- Cryptocurrencies are still trading in a limited range but are ticking a bit higher.
- The technical picture has significantly improved after the SEC decision has been shrugged off.
- Here are the levels to watch according to the Confluence Detector.
After staging a massive rally and suffering a flash crash, cryptocurrencies have been enjoying a steady rise in recent hours. Earlier this week, the US Securities and Exchanges Commission decided to delay another decision about a Bitcoin Exchange Traded Fund (ETF). However, cryptos learned to take a quick look and then move on.
And that seems to be the case right now, as cryptos are already rising on the latest development -- AT&T will accept Bitcoin as payment for its phone bills. And not only fundamentals point higher. Technical indicators are also looking good for cryptos.
As the tool shows, Bitcoin, Etehreum, and Ripple are all trading above substantial support levels and the path of least resistance is to up.
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin enjoys significant support at $7,950 and weak resistance awaits at $8,406.
BTC/USD has additional support lines such as $7,860, and $7,770.
Ethereum enjoys an immediate cluster of support at $252, followed by $248, and then by $235.
ETH/USD eyes initial resistance at $258 and then targets $283.
Ripple has support at $0.3803, followed by stronger support at $0.3763 and finally at $0.3700.
Resistance awaits at $0.4088 and then at $0.4323 which is the latest target for $0.4330.
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