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  • 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.

Ethereum confluence technical levels June 4 2018

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:

XRP/USD Ripple price confluence technical levels

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

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