- Bitcoin finds support above $6,700 with significant resistance at $6,800, $6,850 and $6,960.
- Ethereum finds support in the short term above $470 with the challenge of beating significant resistance to $500.
- Ripple is comfortable above $0.47 but must overcome strong resistance from $0.48 to $0.50.
BTC/USD 1D
BTC/USD has found some short-term support above $6,700. It is on a confluence formed by a combination of significant indicators, such as the 38.2% Fibonacci level in the daily range or 4-hour moving averages. Above this level, yesterday's high of $6,783 as an intermediate barrier to the true upward hurdle of $6,850, formed by the confluence of Pivot Point's R1 level in the weekly range and Fibonacci's 161.8% in the daily range.
On the downside, apart from the $6,700 support, BTC/USD would find the second support at $6,660, which includes the weekly 161.8% Fibonacci, and the daily Pivot Point S1. Twenty dollars lower, BTC/USD is expecting the Pivot Point S3 daily and both the Fibonacci 38.2% weekly and monthly.
Ethereum is in a zone equidistant between the first zone of support consisting of $470 and $498 where strong resistance is expected.
Below the current price are many technical indicators with the ability to support the ETH/USD, including the S2 level of the daily Pivot Point at $478 and the 23.6% Fibonacci retreat in the weekly range. At $470, the daily Pivot Point S3 level provides strong support.
On the upside, the difficulties start at over $490, where the R1 level of the weekly Pivot Point and the 38.2% Fibonacci retracement level in weekly and monthly ranges converge at just ten dollars. Beyond that, ETH/USD will need to fight to overcome the $520 level, where the R3 level of weekly Pivot Point and the %61.8 level of monthly Fibonacci waits.
Ripple has more resistance than support to help it in the event of falls, all of which is centered a bit above $0.477.
The first one is just below the current price and where the 23.6% of Fibonacci daily tops the list of indicators to take into account. Further down, XRP/USD would find support at $0.475, where Fibonacci's weekly decline of 61.8% and yesterday's highs converge. The $0.472 level awaits ETH/USD with the S1 Pivot Point level in the daily range. In case the downward move doesn’t stop here, the coin may continue to $0.467 where the S2 Pivot Point level could provide support.
On the bullish side, the most crucial challenge is at $0.48, where the Fibonacci retracement of 38.2 % and the maximum of 4 hours converge. The heavyweights of this series of indicators that are acting as resistances are above $0.49, such as the 23.6% of Fibonacci in monthly, the 38.2% in weekly and the R2 of Pivot Point calculations in daily range.
All in all, it is not going to be easy for Ripple to get past this area.
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