- 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.
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.