- Cryptocurrencieshad a positive weekend after grinding lower beforehand.
- Bitcoin and Ripple enjoy significant support while Ethereum is somewhat less supported.
- Here are the levels to watch according to the Confluence Detector.
After cryptos received no love from technical levels on Valentine’s Day, they enjoyed a better weekend, advancing nicely to higher ground. The upwards move is quite favorable for digital coins that have improved their technical standing.
One of the positive stories came from Japan’s giant Rakuten. The e-commerce behemoth appears to support cryptocurrencies in its new payment application. The Rakuten Pay application underwent a significant update and seemed to support cryptos according to an analysis of its new structure.
What’s next? The technical levels are promising.
This is what the Crypto Confluence Detector shows
BTC/USD is well supported and can think of topping $4,000
Bitcoin enjoys robust support centered around $3,620 where we see the convergence of the Simple Moving Average 10-4h, the Fibonacci 61.8% one-week, the SMA 501d, the SMA100-15m, the Fibonacci 38.2% one-day, and the Bollinger Band 1h-Middle.
Further support awaits at $3,527 where we see the confluence of the SMA 100-4h, the Pivot Point one-month Support 1, the BB 1h-Lower, the BB 4h-Lower, the Fibonacci 23.6% one-month, and the SMA 200-4h.
BTC/USD faces weak resistance at $3,905 where the Pivot Point one-month Resistance 1 awaits the pair.
The high target is $4,123, the previous month’s top.
ETH/USD may reach resistance soon
Ethereum is shooting higher but faces fierce resistance around $147.25, where it faces the meeting point of the PP 1m-R1 and the BB 15-minutes Upper.
If it overcomes this line, the next substantial line is only at $163, where we see the previous monthly high.
Support awaits at around $140 which is the meeting point of the Fibonacci 61.8% one-month, the BB 4h-Upper, the SMA 50-15m, the PP 1d-R1, and the SMA 10-1h.
The next massive cushion is at $133 which is the meeting point of the BB 1d-Upper, the PP 1w-R2, and the Fibonacci 378.2% one-day.
XRP/USD has substantial support
Ripple has initial support at $0.3099 which is a cluster including the BB 1h-Middle, the Fibonacci 23.6% one-month, the previous daily high, the SMA 200-4h, the SMA 5-4h, the PP 1d-R1, and the BB 15 minutes Lower.
Further support awaits at $0.3050 where we see a minefield including the Fibonacci 38.2% one-week, the SMA 100-1h, the SMA 200-1h, the SMA 50-4h, the BB 4h-Middle, the Fibonacci 38.2% one-day, the SMA 200-15m, and the SMA 50-1h.
Resistance awaits at $0.3199 where we see the convergence of the PP 1d-R3, the PP 1w-R2, and the BB 1d-Upper.
Closeby, the Fibonacci 161.8% one-week, and the Fibonacci 38.2% one-month converge at $0.3250 to form the next resistance line.