Top 3 Bitcoin, Ethereum and Ripple Price Predictions: Plummeting for technical reasons - Confluence Detector
|- Bitcoin finds support above $6,340 but it should target $6,250 on probable dips.
- Ethereum finds support in the short term above $430, targets $405.
- Ripple limits the fall but is at risk of accelerating down to the $0.41 level.
BTC/USD 1D
Bears have dominated the Crypto session in Europe and the United States. As of now, it is still a technical movement within the normality, especially for Bitcoin, as other Cryptos have been dragged to price levels that risk damaging them in the medium term.
Bitcoin presents a scenario favorable to a bearish continuation, with weak supports below the current price. The first one is located between $6,620 and $6,680, the confluence zone formed by the weekly S1 Pivot Point level, the weekly minimum and the monthly 23.6% Fibonacci level. If the money doesn't show up at this level, Bitcoin should go down to $5,800, month-low and also where the weekly S3 Pivot Point level awaits.
On the upside, BTC/USD will find a first medium resistance level at $6,420. This confluence zone has the S3 daily Pivot Point level as its main component. However, the real challenge for Bitcoin is between $6500 and $6,700, where a confluence of more than 25 medium and long-term indicators will make it very difficult for the bulls.
ETH/USD 1D
If you have followed the Ethereum chart, today's bearish move does not change the previous scenario. ETH/USD is looking for the base of a slightly bullish channel and for now that limit remains intact. If it misses today's low, our Confluence Indicator tells us that it shouldn’t find support until $405. It’s down there where the monthly lows and the weekly Pivot Point S3 level can support Ethereum, the last barrier before entering the disaster zone.
On the upside, the first challenging zone to cross for Ethereum at around $440, where last week's low, the S3 level of the daily Pivot Point calculation and the S1 level of the weekly Pivot Point converge, among others. The resistance zones are constant up to $480, a real technical strength, accumulating among many others, the 23.6% Fibonacci level in the daily range and the 38.2% Fibonacci level in the weekly range.
XRP/USD 1D
Ripple is, without a doubt, the most harmed Crypto by the movement seen today. Its chart does not justify the fall, being completely at the expense of the bears that have brought it to this level. XRP/USD has two possible areas to find the money that would enable a potential bull-run: the first is located around $0.42, where last month's lows were left. Below there, XRP/USD will need to move to $0.40 to attract some money, where it should find some support through the S2 Pivot Point level and the 161.8% Fibonacci extension in the weekly range.
On the upside, the current challenge is a major one for Ripple. Between $0.467 and $0.49, there is a confluence of more than 20 medium and long-term indicators that will make it very difficult for Ripple to return to the $0.50 level.
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