- Cryptocurrencies have been rising as a new week kicks off.
- Binance has revealed its project Venus rivaling Facebook’s Libra.
- Here are the next levels to watch according to the Confluence Detector.
Cryptocurrencies have been advancing once again, with Bitcoin topping $10,500, Ethereum clawing its way back above $200, and Ripple extending its gains. Investors are jumping back into digital coins after a weak that saw struggles.
One of the upside drivers is Binance. The crypto exchange that also backs its own coin – BNB – has revealed a new project called Venus which aims to develop localized stablecoins all over the world.
Binance has said that it is well-positioned thanks to its public blockchain technology – Binance Chain – and its formidable status as one of the leading exchanges. Similar to Facebook, the crypto-exchange aims to work with corporations, tech companies, governments, and other players in the crypto-world. It aims to compete with the social media behemoth by launching a stable coin on a global scale.
The fresh news joins the announcement by Rakuten – a Japanese retail giant and the shirt-sponsor of FC Barcelona to compete with Binance and others by launching its crypto-exchange. Facilitating the entry of mainstream Japanese into the crypto-world is also bullish news for coins.
What levels should we watch?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break resistance at $10,800
Bitcoin has one clear hurdle at $10,800, which is the convergence of the Fibonacci 61.8% one-week, the Simple Moving Average 50-one-day, the SMA 5-15m, the previous 4h-high, the Pivot Point one-day R2, and more.
If the granddaddy of cryptos breaks higher, the next cap is only at $11,640, which is the meeting point of last week’s high and the Fibonacci 61.8% one-month.
BTC/USD has support at $10,528, where the previous daily high, the BB 15min-Middle, and the SMA 200-4h all converge.
The next cushion is at $10,306, where we note the confluence of the BB 4h-Middle, the SMA 200-15m, the SMA 50-1h, the SMA 10-4h, the Fibonacci 38.2% one-day, and the previous 4h-low.
ETH/USD break confirmation awaited
Ethereum is trading above $200, which is not only a round number but also a dense cluster of lines including the BB 1h-Upper, the Fibonacci 61.8% one-week, the previous 1h-low, the PP 1d-R1, and the SMA 5-15m.
If Vitalik Buterin’s brainchild’s break is confirmed, the next noteworthy cap is $210, where we see the Pivot Point one-week R1 and the SMA 100-4h converge.
Further up, ETH/USD may find resistance at $217 where the previous weekly high meets the PP 1d-R3.
Strong support below $200 awaits at $192 where we see the confluence of the BB 1h-Lower, the Fibonacci 38.2% one-day, the SMA 10-4h, and other lines meet.
XRP/USD finally looking upbeat
Ripple, which was the laggard for many months, is finally looking bullish. XRP/USD has surpassed $0.2846, which is the convergence of the SMA 10-1d, the previous monthly low, the SMA 100-15m, and the previous monthly low. The line now serves as support.
It is backed up $0.2816, where we find the confluence of the BB 1h-Lower, the Fibonacci 61.8% one-week, the SMA 200-1h, the SMA 50-4h, and the Fibonacci 38.2% one-day.
Looking up, XRP faces some resistance at $0.3000. The round number is the meeting point of the PP 1w-R1 and the BB 1d-Middle.
Further resistance awaits at $0.3156, where the Fibonacci 23.6% one-month awaits the price.
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