- Cryptocurrencies have grown significantly with Bitcoin leading the charge.
- Here are the next levels to watch according to the Confluence Detector.
The most popular cryptocurrency the area above $11,000 on Saturday amid growing bullish sentiments. While the price retreated from the recent high and entered the consolidation phase,, the upside momentum may be resumed on Monday, when Asian investors join the game.
Facebook is considered to be one of the main bullish factors behind the upside momentum that picked up in the previous week and gained traction into the weekend. Apart from that, speculations about India’s proposed ban on crypto assets might have served as an additional stimulus to buy cryptocurrencies. This theory is confirmed by the fact that Bitcoin is trading with a premium on Indian exchanges.
So, what’s next for the cryptocurrencies? What are the levels to watch ahead of the new week?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD targets $11,300
Bitcoin has its nearest target at $10,750 – the convergence of the SMA15 (Simple Moving Average) on 15-min timeframe, 38.2% Fibo retracement daily and the upper boundary of 15-min Bollinger Band.
Then comes psychological $11,000 with 23.6% Fibo retracement located on approach.
Meanwhile, the strong resistance awaits the bulls at $11,300 strengthened by Pivot Point one-day R1, Pivot Point one-week R2 and the highest level of the previous day.
The support is seen below the current price. It is created by a host of SMA levels and the middle line of 1-hour Bollinger Band.
Once it is cleared, the sell-off may continue with the next focus on $10,100 (Pivot Point one-day S1 and Previous low 1-day), followed by psychological $10,000.
ETH/USD follows the Bitcoin’s lead
Ethereum has also been growing strongly. The second largest coin hit $317.20 during early Asian hours on Saturday before retracing to $309 by the time of writing.
ETH/USD eyes $318 as the first target (Pivot Point one-month R1 and the upper line of 1-hour Bollinger Band)
It is followed by $322 (Pivot Point one-day R2) and with $344 in sight.
Strong support is located right below $300 which is the confluence of the the Bollinger Band 1d-Upper, the previous week high, and Pivot Point one-day S1.
XRP/USD eyes $0.50
Ripple has solid support below the current price on approach to $0.4700. It contains a cluster technical levels including BB 15m-middle, SMA5 on 1-hour and 15min timeframes and the highest level of the previous month.
The next strong support comes at $0.4450 (38.2% Fibo retracement weekly), followed by $0.4300 with 23.6% Fibo retracement monthly located on approach.
The clear upside target is seen at $0.4930 where the 23.6% Fibo retracement daily and Pivot Point one-week R1 converge.
XRP/USD’s next level to watch is $0.50
See all the cryptocurrency technical levels.
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