- Cryptocurrencies have been trading in narrow ranges following another SEC delay.
- The quiet period is unlikely to continue for too long.
- Here are the levels to watch according to the Confluence Detector.
The Securities and Exchanges Commission (SEC) decided not to decide and delayed its ruling on the Bitcoin Exchange Traded Fund (ETF) request from Van Eck and SolidX.
Cryptocurrencies have learned to shrug off such decisions and find other developments to react to. However, in the past few days, not much has happened and cryptos have been consolidating.
While there is no news, technicals play a more substantial role. Both Bitcoin and Ethereum are capped by significant levels that they would need to break in order to run to higher ground. Ripple is different and enjoys support.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break $7,960
Bitcoin, the granddaddy of cryptocurrencies, is capped under $7,960 which is a dense cluster of lines including the Fibonacci 38.2% one-day, the Simple Moving Average 50-1h, the SMA 200-15m, the SMA 5-4h, the Fibonacci 23.6% one-week, the Bollinger Band 1h-Middle, the SMA 100-15m, and several others.
If it breaks higher, it faces a somewhat weak cap around $8,388 which was the previous cycle high and also where the Pivot Point one-week meets the price.
BTC/USD enjoys some support at $7,485 which is the convergence of the SMA 5-1d, the previous 4h-low, the SMA 10-1d, the BB 15min-Lower, the BB 4h-Lower, and others.
Further support is at $7,501 where the PP 1d-S3 meets the PP 1m-R3.
ETH/USD capped at $258
Ethereum is trading below $254 which is the first resistance line. We see the convergence of the Bollinger Band 4h-Middle, the BB 15min-Middle, the SMA10-4h, the Fibonacci 61.8% one-day, and more.
A more considerable cap is $258 which is the confluence of the Fibonacci 23.6% one-week, the Fibonacci 38.2% one-day, and the previous 4h-high.
ETH/USD has support at $247.50 where the Pivot Point 1d-S1 and the previous daily low meet.
Stronger support awaits at $236 which is a juncture including the SMA 10-1d and the PP 1m-R3.
XRP/USD is supported at $0.39
Ripple enjoys robust support at $0.39 where we see the confluence of the previous daily low, the BB 1h-Lower, the SMA 10-1d, the BB 15min-Lower, and the PP 1d-S1.
The next support line is also strong. We see the Fibonacci 61.8% one-week, the PP 1m-R1, the PP 1d-R3, and more.
Looking up, weak resistance awaits at $0.3977 where XRP/USD may meet the Fibonacci 38.2% one-day, the SMA 200-15m, the SMA 10-1h, the SMA 5-4h, and the BB 15min-Upper.
The upside target is $0.4240 where we see the convergence of the PP 1m-R2, the Fibonacci 161.8% one-day.
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
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.