- Cryptocurrencies have been under pressure as the week draws to a close.
- Telegram's battle with the SEC remains in the headlines.
- Here are the next levels to watch according to the Confluence Detector.
Telegram, the company behind the popular messaging app, has asked the court to deny action from the authorities. The Securities and Exchanges Commission (SEC) has declared Gram, Telegram's native crypto fro the Telegram Open Network (TON) as a security. A New York court will decide if to block action by the SEC.
Battles with regulators are also dogging the owner of another messaging app. Facebook, the social media behemoth behind WhatsApp, Messenger, and Instagram. The abandonment of incumbent payment firms has dogged its Libra project.
Nevertheless, cryptos remain stable.
What levels should we be watching? Here are the technical levels are in play.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to cross $8,040
Bitcoin is trading just under the $8,000 level, and its significant barrier is marginally above it. At $8,040, the granddaddy of cryptos faces a cluster of resistance including the Fibonacci 61.8% one-day, the Simple Moving Average 10-1h, the SMA 10-4h, the SMA 50-1h, the SMA 5-4h, and the Bollinger Band 1h-Middle.
Further up, another cap awaits at $8,200, which is the convergence of the SMA 5-one-day, the Fibonacci 61.8% one-week, and the BB 1h-Upper.
Support awaits at $7,790, where the previous weekly low and the Pivot Point one-day Support 3 hit the price.
Significantly lower, BTC/USD has support at $7,050, which is where the Fibonacci 161.8% one-week and the PP one-month S1.
ETH/USD eyes $180
Ethereum has substantial resistance at $180, which is a juncture of lines, including the BB 1h-Upper, the SMA 100-4h, the Fibonacci 61.8% one-month, and the PP one-day Resistance 1.
Further up, Vitalik Buterin's brainchild is capped at $187, which is where the Fibonacci 48.2% one-week and the BB 4h-Upper converge.
ETH/USD has support at $167, which is the convergence of the previous weekly low, the previous 1h-low, and the Fibonacci 161.8% one-day.
Far lower, the next cushion is at $153, where the previous monthly low and the PP 1w-S2 meet.
XRP/USD enjoys support at $0.2850
Ripple has support at $0.2850, which is the confluence of the BB 15min-Lower, the Fibonacci 61.8% one-month, and the SMA 5-one-day.
Further down, the next cushion awaits at $0.2660, which is the convergence of the BB one-day Middle, the Fibonacci 61.8% one-week, and the Fibonacci 161.8% one-day.
Resistance awaits for $0.2950, which is the meeting point of the Fibonacci 38.2% one-day and the Fibonacci 38.2% one-day.
The next cap is at $0.3181, which is where the Pivot Point one-month Resistance 1 hits the price.
See all the cryptocurrency technical levels.
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.