- 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.
BEST BROKERS TO TRADE CRYPTO
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