Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Lack of weekend love recalls crypto bears
|- Crypto market flashes red in absence of weekend love.
- BTC sellers continue to lurk around $10,800 for the fourth straight day.
- Ethereum is the worst performer on the week vs. Bitcoin and Ripple.
The most favorite crypto coin, Bitcoin, continues to face rejection around 10,800 levels while trading around the $10,650, having briefly breached the $10,600. Ripple is the main laggard when compared to its peers, Bitcoin and Ethereum so far this Sunday. However, on a weekly basis, Ethereum emerges as the worst performer, down over 6%. The total market capitalization of the top 20 cryptocurrencies now stands at $341.64 billion, as cited by CoinMarketCap.
How are these three coins positioned technically starting out a fresh week? Let’s take a look at FXStreet’s Confluence Detector tool to identify key resistance and support levels.
BTC/USD: Bearish bias intact while below $10,833
Bitcoin holds the lower ground while battling the key support around $10,610 region, where the Pivot Point 1D S1, previous day and month lows coincide.
Should the above support give way, the next soft cushion at $10,450 could come into play. That level is the convergence of the Pivot Point 1D S1, Fib 38.2% 1W and SMA100 1D.
On the flip side, the bullish momentum will regain traction only a firm break above the strong resistance at $10,833, which is the intersection of the previous day high, Fib 23.6% 1D and SMA200 4H.
Buyers will then target the next relevant barrier at $11,150, the confluence of the SMA50 1D and Pivot Point 1W R1.
ETH/USD: Path of least resistance is down
Ethereum stalled its three-day recovery mode, having faced robust resistance at $362, which the intersection of the previous day high, Pivot Point 1M S1 and Fib 61.8% 1W.
Acceptance above the latter is critical to take on the next significant barrier that sits at $365.50, the meeting point of the previous year high, SMA100 4H and Pivot Point 1D R2.
To the downside, a dense cluster of healthy support levels is aligned around $348, which is the convergence of the Fib 61.8% 1D and previous low on 4H.
The ETH bears are likely to face a tough time extending its control amid a stack of minor support levels. Powerful support at $330 will likely limit the downside. That level is the confluence of the SMA100 1D and Fib 23.6% 1W.
XRP/USD: Rebounds to $0.2400 but not out of the woods yet
Ripple tested the SMA100 1D support near $0.2392 over the last hours this Sunday. However, the XRP bulls fought back control and regained the $0.2400 level.
The No. 4 coin now faces immediate resistance at $0.2420, where the Fib 61.8% 1D intersects with the previous high on 4H. Further north, the daily high of $0.2448 could be put at risk.
Alternatively, should the renewed upside lose momentum, the sellers could likely retest the daily low of $0.2374.
Acceptance below that cushion could open floors towards the next significant support at $0.2345, which is the convergence of the Pivot Point 1D S2, Fib 161.8% 1D and SMA5 1D.
See all the cryptocurrency technical levels.
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