Cryptos face these hurdles before the next legs higher

0
  • Cryptocurrencies are consolidating their gains after the robust weekend gains.
  • All three top digital coins face hurdles ahead of the next leg higher.
  • Here are the levels to watch according to the Confluence Detector.

Cryptocurrencies have not moved higher today but at least they are not crashing like stock markets, amid an escalation in the US-Sino trade war. What’s next for digital coins?

Every bullish trend has its corrections as well. Bitcoin, Ethereum, and Ripple each need to break above clear resistance clusters in order to run higher once again.

This is what the Crypto Confluence Detectorshows in its latest update:

Bitcion Etehreum Ripple May 13 2019 technical

BTC/USD eyes $7,510

Bitcoin, the grandaddy of cryptocurrencies that led the recent run, faces resistance at $7,510which is the convergence of the Pivot Point one-month Resistance 3, the Bollinger Band 15min-Upper, the PP one-day Resistance 1, the PP 1s-R3, and more.

If it breaks higher, it has three equal upside targets: $7,930 (PP one-day R2), $8,079(Fibonacci 161.8% one-day), and $8,279 (PP 1d-R3).

BTC/USD has initial downside support at $7,279 which is the confluence of the previous 1h-low, the BB 1h-Upper, and the Fibonacci 61.8% one-day.

Further down, at $7,188 we see a dense cluster including the Simple Moving Average 5-4h, the SMA 100-15m, the BB 1h-Middle, the Fibonacci 38.2% one-day, and the SMA 50-1h.

ETH/USD eyes $197

Ethereum needs to break above $197 where the Pivot Point one-week R2 awaits.

Further up, $202 is the meeting point of the previous daily high and the BB 4h-Upper.

ETH/USD enjoys support at $190 which is the convergence of the SMA 10-1h, the Fibonacci 38.2% one-day, and the SMA 10-4h.

Vitalik Buterin’s brainchild has substantial support at $188 which is a minefield including the previous monthly high, the BB 15min-Lower, and the Fibonacci 23.6% one-day.

XRP/USD looks at $0.3267

Ripple managed to cross several hurdles but now faces another one at $0.3267 which is a cluster including the PP 1d-R1, the BB 1h-Upper, the PP 1w-R3, the Fibonacci 161.8% one-week, the previous 4h-high, and more.

The next target is $0.3436 which is where the PP 1d-R2 and the Fibonacci 38.2% one-month converge.

XRP/USD has immediate support at the round number of $0.3200 which is the confluence of the SMA 200-15m, the SMA 50-1h, the previous 1h-low, the SMA 50-1d, the SMA 5-1h, and more.

The next substantial cushion is at $0.3045where the Fibonacci 61.8% one-week, the BB 1d-Middle, and the previous daily low all meet up.

Get the 5 most predictable currency pairs

About Author

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 the 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.

Comments are closed.