Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Gradual decline can turn into a bearish avalanche - Confluence Detector
|- Cryptocurrencies extend the slump, in a gradual manner.
- Bitcoin has strong support but below $3,000, while Ehtereum and Ripple have hard caps.
- Here are the levels to watch according to the Confluence Detector, our proprietary tool
Digital coins are out of the negative spotlight, but that does not mean they do not suffer fresh falls. All the top three, Bitcoin, Ethereum, and Ripple are above the cycle lows but are not that far away.
The delay of a decision on a Bitcoin ETF by the SEC still weighs, despite institutional intent to launch cryptocurrency initiatives soon. The words of Nouriel Roubini, aka "Dr. Doom," still echo in the crypto-sphere. The renowned alarmist said that digital currencies issued by governments would make decentralized initiatives "obsolete."
The theory in which whales will begin to accumulate coins soon is yet to be proved. The dumping continues. However, some suspect that that accumulation will commence after one last painful downfall.
BTC/USD support only at $2,976
Bitcoin is currently mired around $3,330, where we see a dense cluster of lines, albeit not that potent. The list includes the Bollinger Band 15min-Lower, the BB 1h-Lower, the Simple Moving average 5-15m, the SMA 10-15m, and the SMA 5-1h among others.
Weak support awaits at $3,217 where we see the BB one-day Lower, the Pivot Point one-day Support 2, and last week's low.
However, the most significant support line is only below $3,000, at $2,974 which is last year's low and the Pivot Point one-month Support 1, two powerful lines.
Looking up, resistance awaits at around $3,460 where we see the Fibonacci 38.2% one-day, the SMA 200-15m, the SMA 50-1h, and the Fibonacci 23.6% one-week. Higher up, $3,617 is the meeting point of the SMA 50-4h and the Fibonacci 38.2% one week.
ETH/USD resistance at $92
Vitalik Buterin's crypto coin is stuck around $88 where we see the SMA 10-15m, the BB 15m-Middle, the PP one-day S1, and the previous 1h high converge.
Significant resistance awaits at $92, which is the confluence of the Fibonacci 38.2% one-day, the SMA 5-one-day, the SMA 200-15m, the SMA 50-1h, the Fibonacci 23.6% one-week, the SMA 100-1h, and the BB 4h-Middle.
Support for ETH/USD awaits at $85 which is the meeting point of the BB one-day Lower and the PP one-day S2.
$82.20 provides further support as it is last week's low for Ether.
XRP/USD is still capped by $0.3250
Ripple is also somewhat stuck, around $0.2980 where we see the convergence of the BB 1h-Lower, the BB 4h-Lower, the SMA 5-15m, yesterday's low, and more.
Some resistance awaits XRP/USD at $0.3070 which is the confluence of the SMA 10-4h, the SMA 5 one-day, the SMA 100-1h, and the BB 4h-Middle.
The ultimate cap is at $0.3250 which is gaining strength. The confluence includes the SMA 200-1h, last month's low, the SMA 50-4h, the Fibonacci 38.2% one-week, and the PP one-day Resistance 2.
Noteworthy support is only at $0.2700 where we see the Pivot Point one-month Support 1.
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