- Cryptocurrencies consolidated their gains after being capped by resistance.
- The correction phase may come to an end amid a favorable technical picture.
- Here are the levels to watch according to the Confluence Detector.
After running higher for several days, cryptocurrencies have now overcome and survived a potential storm. The upbeat technical picture shows that significant support is close for all top three cryptocurrencies, allowing them to rise.
Ethereum has the best potential, Bitcoin is looking good, while Ripple, despite being well-supported, may take its time.
The SEC will kickstart a new consultation period for the long-awaited high-profile Van Eck / SolidX / CBOE Bitcoin ETF. Some eye early April as the date for the much-needed tool that can bring mainstream investors to digital currencies. The SEC will take its time to review the application.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD well-supported, eying $4,104
Bitcoin is now well supported at $3,907 where a dense cluster of lines defends against fall. This includes the Simple Moving Average 10-4h, the Pivot Point one-month Resistance 1, the Bollinger Band 15-minutes Lower, the SMA 50-1h, the SMA 50-1h, the SMA 200-15m, and the Fibonacci 61.8% one-day.
The next significant cushion for BTC/USD awaits at $3,709 which is the convergence of the PP 1w-S3, the PP 1w-R2, and the SMA 5-1d.
Weak resistance is at $3,960 which is the confluence of the BB 1h-Upper, the SMA 100-1d, and the PP 1d-R1.
The upside target is $4,104, which is last month's high.
ETH/USD well-positioned to rally
Ethereum is sitting above a considerable support line at $146.20 where we see the confluence of the PP 1m-R1, the SMA 50-1h, the SMA 200-15m, the SMA 10-4h, the SMA 5-4h, the SMA 100-15m, the Fibonacci 23.6% one-day, and the BB 15-minutes-Lower.
The next support line is close by around $144 the previous 4h-high and the previous one-day low converge.
ETH/USD can look up and see only weak resistance at around $149.50 which is where the PP 1d-R1 and the previous 1h-high meet.
More importantly, $156.50 is the upside target, featuring the PP 1d-R, the BB 4h-Upper, and the Fibonacci 161.8% one-day.
XRP/USD has some room to slide, but the upside looks better
Ripple remains has a bit more room to fall until it meets the substantial support line at $0.3243 which is the confluence of the Fibonacci 161.8% one-week, the BB 1d-Upper, and the Fibonacci 38.2% one-month.
XRP/USD is battling $0.3290 where the BB 15-minutes Lower meets the previous 1h-high, the SMA 50-15m, the SMA 5-15m, the SMA 10-1h, the BB 1h-Middle, and the SMA 50-1h.
The most significant upside target is $0.35. Apart from being a round number, we see the Fibonacci 61.8% one-month waiting there.
All in all, the overview shows an upbeat picture for cryptocurrencies.
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