Top 3 Bitcoin, Ethereum and Ripple: Bitcoin’s got talent, rally is for the long run- Confluence Detector
|- BTC/USD exceeds $7,000 and enters a clean zone. It has a potential for more rises.
- ETH/USD has one final challenge at $298, above which it can fly higher.
- XRP/USD gets stuck at the $0.350 price level and needs to reach $0.364 to succeed.
The rallies continue after the opening of the US market and Bitcoin has surpassed $7,000. With this surge, it surpassed the most powerful confluences in the range and is now well-positioned to move upwards with more joy.
Both Ethereum and Ripple have followed the upward movement led by Bitcoin, but they still need to overcome the last obstacles to find themselves in an environment as free of obstacles as the one currently enjoyed by the BTC/USD.
BTC/USD 1 D
The BTC/USD is currently trading at a price level of $7,053. Above the current price, Bitcoin will enjoy a resistance-free zone. The first low-intensity confluence is at $7,100, formed by the daily Pivot Point R2 level and the influence of the monthly 61.8% level of the Fibonacci retracement system.
If the BTC/USD can exceed this level, it will leave the heavier levels behind and the ride may be much lighter. It would not be until the price level of $7,265 that a confluence would again get in the way, in this case, formed by the weekly R2 level of Pivot Points and the daily R3 level of the same calculation system.
Above this price level, the BTC/USD will find itself with important indicators, but moving at levels with few accompanying indicators. This is the case of $7,570 with the monthly 38.2% level of the Fibonacci retracement system, $7,640 with the weekly R3 of Pivot Point or $7,880 with the daily SMA200.
As we can see, these are important indicators and any of them can stop the price but without large congregations of indicators that make the upward movement impossible.
Below the current price, an extensive support area covering a price range from $7,000 to $6,200 is ready for the cryptocurrency. All time-range indicators are below one day and almost all the daily range indicators that do not count more than 100 periods in their calculations are in this price range. Of particular note is the support level at $6,700, which adds up to the power of more than 15 indicators.
ETH/USD 1D
The ETH/USD is currently trading at the price level of $287. As in the case of the BTC/USD it leaves behind the more populated price range of the indicator, but still has some significant resistance on the bullish side.
At $294, the daily R1 level of the Pivot Points system awaits Ethereum. A little higher, at the price level of $298 and even beyond $300, it is the monthly S3 level of the Pivot Points system and the daily R2 that will be in charge holding down the ETH/USD. At the $310 price level, the daily R3 level of the Pivot points system remains as the last confluence shown by the Technical Confluences Indicator.
Below the current price, there is a large support area ranging from the $290 to the $270 price level. The most substantial cushion is at the $278 price level and it is formed by the daily S1 Pivot Point level, the weekly 38.2% level and the daily 61.8% Fibonacci retracement system.
XRP 1D
The XRP/USD is currently trading at the $0.346 price level, just below a confluence of the weekly R1 Pivot Point level and several intraday indicators.
Above the current price, in addition to the mentioned confluence level, the next resistance at the price level of $0.362.
The monthly S2 level of Pivot Points, the daily R3 level, and the 4H SMA200 level converge on this level, while the weekly R2 level of Pivot Point and the weekly 161.8% level of the Fibonacci retracement system converge on the $0.382 price level.
Below the current price, the confluences are continuous at the level of $0.30. The most important level of all is the $0.328 price level, where the weekly 38.2% level and the daily 61.8% level of the Fibonacci retracement system converge, in addition to multiple short-term indicators.
As we can see, right now the main actors of the Crypto board have vital support lines and only a few resistance ones, but it is very probable that at some point in the next few hours the strength of the lower part of the price range will be verified.
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