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Bitcoin at critical support, Ehtereum and Ripple look worse

  • Bitcoin, Ethereum, and Ripple suffer another major sell-off, extending their falls.
  • The three cryptocurrencies have very different technical pictures.
  • The Confluence Detector shows clusters of technical levels according to their importance.

BTC/USD has strong support at $6,381

The price of Bitcoin  has support at $6,381. This is the convergence of the Bolinger Band one-hour Lower, the Pivot Point one month Support 1, the Pivot Point one-day Support 1 and the 1h-low.

If BTC/USD holds onto this critical level, it could target $6,637  which is the confluence of the Fibonacci 38.2% one-day, the 4h-high, the Simple Moving Average 100-15m, and the Bolinger Band 15m-Upper.

The next level above is $7047  which is the one-month low.

And what happens if Bitcoin loses $6,381? Things could get ugly with some support at $6,200  and $5,950.

This is how it looks:

Bitcoin confluence June 13 2018 BTC technical

ETH/USD has more room to fall, but support awaits

The  Ethereum Price  does not have immediate support. ETH/USD may fall to a weak support line of $451 which is the Pivot Point one-day Support 2. Yet stronger support is at $442  which is the Pivot Point one-month Support 1.

Recovering will not be so easy. The $476  level is the convergence of the Pivot Point one-day Support 1 and the Simple Moving Average 5-15m. Stronger resistance is at $485  which is the meeting point of the 1d-high and the Simple moving Average 5-1h.

Further above, the $500  area is the congestion of the Fibonacci 23.6% one-day, the Bolinger Band 1h-Middle, the SMA 5-4h, and the one-month low. It is closely followed by $507  which is the congestion of the Simple Moving Average 100-15m, the Fibonacci 38.2% one-day, the Bolinger Band 15m-Upper, and the Bollinger Band one-day Lower.

Here is how it looks:

ETH USD June 13 2018 technical analysis confluence

XRP/USD can fall and fall

The price of Ripple.is in a precarious  state. It has lost critical support at $0.545  which is the confluence of the one-day high, the one-month low, the Bolinger Band one-day Lower, the Simple Moving Average 10-15m, the SMA 5-1h and more.

Looking down, there is some support around $0.5134  which is the Pivot Point one-day Support 2. Another notable line is  0.4800  which is the Pivot Point one-day Support 1.

On the upside, if XRP/USD recovers above $0.545, the next level to watch is $0.566  which is the Fibonacci 38.2% one-day, the Pivot Point one-week Support 3, and the Bolinger Band 15m-Upper.

This is how it looks:

XRP USD confluence technical levels June 13 2018

The Confluence Detector finds  exciting opportunities using Technical Confluences.  The TC is a tool to locate and point out those price levels where there is a  congestion of indicators,  moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence  adjacents  price levels. These weightings mean that one  price level without any indicator  or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Learn more about Technical Confluence

More:  Latest cryptocurrency news

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.