- Cryptocurrencies took a quick breather but did not lose ground after the Sunday surge.
- All three digital coins enjoy strong support and have clear upside targets.
- Here are the levels to watch according to the Confluence Detector.
The weekend may have been too long for cryptos — especially for Bitcoin. Digital coins were not lazy on Sunday and shot higher, with BTC/USD topping $8,700. It did not stop and gradually edged higher. Ethereum and Ripple shortly followed.
After the previous rush higher, cryptocurrencies experienced a flash crash before stabilizing and racing higher. Will it happen again? While some market actors may want to take profits, digital coins have room to run higher — they all have room to the upside and support on the downside.
This is what the Crypto Confluence Detectorshows in its latest update:
BTC/USD supported at $8,820 and eyes $9,520
Bitcoin enjoys robust support at $8,8820 where we note a dense cluster including the Simple Moving Average 5-1h, the previous 4h-high, the BB 15min-Middle, the previous daily high, the SMA 5015m, the SMA 5-15m, the BB 4h-Upper, and the SMA 10-15m.
Further support awaits $8,495 where the Pivot Point one-week Resistance 1 and the Fibonacci 38.2% one-day.
BTC/USD eyes initial resistance at around $9,050 where the PP 1d-R1 meets the BB 1d-Upper.
The upside target is $9,520 where we see the Pivot Point one-week R3.
ETH/USD eyes $282, then $299
Similar to King Bitcoin, Ethereum enjoys significant support. At $267 we see the convergence of the BB 15min-Lower, the Fibonacci 23.6% one-day, the PP 1w-R1, and other lines.
Further down, $253 is the confluence of the SMA 5-1d, the Fibonacci 38.2% one-week, the SMA 50-4h, and the SMA 200-1h.
Looking up, ETH/USD initially eyes $282 where the Pivot Point one-week R2 awaits Vitalik Buterin’s brainchild.
It then has its eyes on $299 where the Pivot Point one-week R3 awaits.
XRP/USD may zoom in on $0.4681
Ripple is sitting on strong support at $0.4238where the Bollinger Band 1h-Upper, the BB 15min-Upper, and the PP 1w-R1 all converge.
The next cushion is close — at $0.4150, XRP/USD will find the convergence of the previous 15min-low, the SMA 10-15m, and the previous daily high.
An initial upside target is $0.4435 where the PP 1d-R2 awaits it.
The upside target for Ripple is $0.4681 which is the confluence of the PP one-month R3 and the PP one-day R3.
Share
