- Bitcoin, Ethereum, and Ripple face interesting resistance lines on the upside.
- Cryptocurrencies look bullish after bottoming out in recent weeks.
- The Confluence Detector shows clusters of technical levels according to their importance.
BTC/USD $7,735, then $8,161
The price of Bitcoin faces a challenge at $7,735 which is the convergence of the Simple Moving Average 100’15m, the Fibonacci 38.2% one’day, the Simple Moving Average 100’4h, the Fibonacci 23.6% one’month, and the Pivot Point one’week Resistance 1.
Upon a break of that line, the next significant line is $8,161 which is the Fibonacci 38.2% one-month. Further up, it is worth noting $8,332which is the confluence of the Simple Moving Average 200-4h and the Pivot Point one-week Resistance 3.
On the downside, BTC/USD has strong support at $7,479 which is the congestion of the Simple Moving Average 10-one-day, the SMA 200-1h, the SMA 50-4h, the Fibonacci 161.8% one-day, and the Fibonacci 23.6% one-week. It is closely followed by $7,394 which is the confluence of the Bolinger Band 1h-Lower, the Fibonacci 38.2% one-week. $7,053 is the meeting point of the one-month and one-week lows.
This is how it looks:
ETH/USD: $615, then $648
The Ethereum Price has advanced nicely and faces a challenge at $615, which is a congestion of the 1d-high, the Simple Moving Average 100-4h, the Pivot Point one-week Resistance 1, the SM 5-1h, the Fibonacci 38.2% one-day, the Bolinger Band 15m-Middle, and the SMA 100-1d.
Upon a break higher, ETH/USD targets $638 which is the confluence of the Fibonacci 161.8% one-week, the Pivot Point one-week Resistance 2, the Pivot Point one-day Resistance 2, and the Simple Moving Average 50-1d. A higher target would be $676 which is the meeting point of the SMA 200-4h, and the Pivot Point one-day R3.
On the downside, $597 is the convergence of the Bolinger Band one-hour Middle, the Pivot Point one-day S1, and the one-week high. It is closely followed by $577, which is the confluence of the SMA 10-one-day, the Pivot Point one-day S2, and the Fibonacci 23.6% one-month. Even lower, $560 is the confluence of the Pivot Point one-day Support 3, the Bolinger Band one-hour Lower, and the Fibonacci 61.8% one-week.
XRP/USD
The price of Ripple is moving up and the XRP/USD faces resistance at 0.6740 which is the confluence of the SMA 200-15, the 1h-high, the Bolinger Band 1h-Middle, and the Fibonacci 38.2% one-day. This is a cap ahead of the 0.6925 target which is the convergence of the Fibonacci 38.2% one-month, the Bolinger Band 1h-Upper, and the Bolinger Band 1h-Upper. The next target is 0.7261 which is teh BB 1d-Upper and the Pivot Point one-day Resistance 2.
On the downside, some support awaits at 0.6520 which is the Pivot Point one-day S1, the 4h high, and the Pivot Point one-week Resistance 1. Further support awaits at 0.6370 which is the confluence of the SMA 100-1h and teh Fibonacci 23.6% one-month.
This is how it looks:
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.
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