- Crypto markets look to extend the recovery momentum ahead.
- Ethereum steals the show among the top 3 widely traded coins on the week.
The world’s no. 1 digital coin, Bitcoin, is seen consolidating its latest uptick to near 7,500 mark, as we head towards the weekly closing. Ethereum and Ripple follow suit and post mild gains so far this Sunday, with the latter emerging as the main laggard amongst the top 3 most favorite digital assets. The total market capitalization of the top 20 cryptocurrencies now stands at $198.43 billion, as cited by CoinMarketCap.
The top three coins are seen extending Friday’s bullish reversal into a fresh week ahead, with key supports and resistances found below, as highlighted by FXStreet’s Confluence Detector tool.
BTC/USD: Bullish bias intact with strong supports stacked up
As explained here, Bitcoin is bidding up for a break above the $ 7,500 mark, with a break above the last likely to be challenged near 7,525 region, where the Previous Week High and Pivot Point 1D R3 intersect.
The coin will accelerate its bullish momentum once the above resistance is clear, as all eyes remain on the 8k threshold amid a lack of relevant resistances on the north run.
Having said that, the path of least resistance remains to the upside, as a number of strong support levels are stacked up should the bears fight back control. The immediate support awaits at 7,370, the confluence of Fib 38.2% 1D, Fib 23.6% 1W, SMA50 1D and SMA10 4H.
Further down, the Fib 61.8% 1M and Fib 38.2% 1W confluence at 7,293 could slow the pace of declines towards the 7,216.50 area, where SMA10 1D, SMA200 1H and SMA200 4H coincide.
ETH/USD: Bulls need to chew offers just above 137.00 for further upside
Ethereum has stalled its recovery, as it faced rejection ahead of the 137 handle (daily highs) earlier this Sunday. If the price finds renewed buying interest, the bulls are likely to retest the higher levels above the 137 level, with the next significant resistance seen at 138.30, the confluence of Bollinger Band 4H Upper, Fib 161.8% 1D and Previous Week High.
A sustained break above the last will intensify the upbeat momentum towards the 140 handle, Fib 61.8% 1M.
To the downside, strong support near 134.10 is likely to restrict the corrective move lower. That level is the intersection of the Previous Low 1D and Fib 38.2% 1W. A break below the last will open floors for a test of 131.28 demand zone, the confluence of SMA10 1D, Fib 38.2% 1M and Fib 61.8% 1W.
XRP/USD: Path of least resistance is to the upside
Ripple failed once again near 0.1950 resistance area but the price still retains the upside bias heading into a fresh week. The bulls are likely to face some challenges, as a slew of minor resistances are stacked up between the 0.1951 and 0.1981 on its run higher.
However, if the No. 3 coin manages to surpass the aforesaid cluster of resistances, a test of the 0.2000 handle is inevitable amid a favourable technical set up.
On the flip side, the 0.1930-0.1920 area continues to cushion the downside, as the SMA100 1H, Fib 38.2% 1D, SMA200 1H and Bollinger Band 1D Middle all collide there.
A failure to resist the last, the bears would test the next support around 0.1900 mark, the intersection of the Pivot Point 1D S3 and Fib 61.8% of the weekly price action.
See all the cryptocurrency technical levels.
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