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  • Cryptocurrencies are recovering losses.
  • Ethereum is the growth leader of the day.
  • Here are the levels to watch according to the Confluence Detector.  

Cryptocurrency bulls are back in the game after a short-lived break. The total capitalization of all digital assets in circulation jumped to $188 billion from $184 billion during early Asian hours. Bitcoin, the most popular digital asset, stopped within a whisker of critical $6,000 and set a new high of 2019 at  $5,963.  By the time of writing, BTC/USD returned to the area below $5,900, gaining 3.5% on a day-on-day basis.  

Meanwhile, Ethereum is the best performing cryptocurrency of the day with over 10% of gains. THe positive momentum is created by a combination of technical factors coupled with the improved sentiments. Thus, the US CFTC sources said that the regulator is ready to approve ETH-based futures. Once it happens, crypto ETFs will have improved chances to get a go from the SEC.  

Now that major cryptocurrencies moved to the new ranges, its time to consider new technical barriers  

So, what levels should we watch?  

This is what the Crypto Confluence Detector shows in its latest update:  

BTC/USD aims at $6,000  

BTC/USD has very little in terms of strong resistance areas located above the current price. We have a confluence of SMA5 (1-hour), 161.8% Fibo projection and a middle line of 15-min chart on approach to $5,900. Once it is cleared, the recovery may be extended towards psychological $6,000 with Pivot Point Week R1, the previous 4-hour high and  Pivot Point day R3 below the said barrier.  

On a trip to the South is riddled with strong technical levels. First, BTC bulls will have to take the price below $5,800, created by the upper line of 1-day Bollinger Band.  

The next support awaits us at $5,650. This is a strong obstacle propped by 23.6 Fibo retracement weekly and 38.2% Fibo retracement daily.  

The ultimate support lies below $5,300 (SMA200, 4-hour and 23.6% Fibo retracement monthly.  

ETH/USD defies gravity and beats the market  

Ethereum tested $184.00 handle during early Asian hours. While the price retraced to $179.00 by the time of writing, the coin continues moving within a strong bullish trend. Considering the downward-looking RSIs on intraday intervals, ETH is vulnerable to the downside correction with the first aim at $175.50-$175.70 (midline of 1-hour Bollinger Band, 23.6% Fibo retracement monthly and daily, and Pivot Point 1-week Resistance 1.  

A sustainable move below will open up the way towards psychological $170.00 and to the next  technically important barrier at $168.00. It is created by a confluence of SMA50 and SMA100 1-hour, 23.6% Fibo retracement weekly and 61.8% Fibo retracement daily.  

Meanwhile, the area below $166.00 contains SMA100 and SMA50 (4-hour), SMA200 1-hour, lower line of 1-hour Bollinger Band and 38.2% Fibo retracement weekly,  

On the upside, the key resistance awaits above $187.00 (previous month high and Pivot POint 1-month Resistance 1).

XRP/USD lingers above $0.30  

Ripple, currently at $0.3070, is well supported by $0.3050. This barrier used to be a resistance area, now it serves as a support, created by a confluence of    of SMA10 and SMA50 (4-hour), SMA200 and SMA50 (1-hour), DMA10 and 38.2% Fibo retracement daily, lower line of 1-hour Bollinger Band.  

Psychological $0.30 with the lower boundary of 4-hour Bollinger Band separates us from $0.2930 (Pivot Point 1-day Support 2 and the previous week low).  

On the upside, a strong resistance is created by $0.3100 with a number of technical levels clustered on approach. The include SMA100 1-hour and 4-hour, 23.6% Fibo retracement daily and 38.2% Fibo retracement weekly  

Once it is out of the way, the recovery may be extended towards $0.3130, protected by the middle line of 1-day Bollinger Band and upper line of 4-hour Bollinger Band. The next upside barrier awaits the coin on approach to $0.3200 with 61.8% Fibo retracement monthly.