- Cryptocurrencies have suffered a setback, including Altcoins which had shined.
- All top digital coins have clear hurdles they need to surpass to unleash the rally.
- Here are the next levels to watch according to the Confluence Detector.
Is it Altcoin season or not? Ethereum hit all-time highs earlier this week but has retreated from the highs. Bitcoin has been holding onto high ground –unimaginable several months ago – but below the peak.
Broader markets are eyeing the inauguration of Joe Biden as the 46th PResident of the United States. Will the new administration succeed in unleashing funds that would partially flow to cryptos? The $1,9 trillion plan seems like a significant start, yet its passage is not assured.
How are the top three cryptos technically positioned?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD eyes $36,400
Bitcoin has been changing hands on lower ground and has support at around $34,500, which is the convergence of the Bollinger Band 4h-Lower, the BB 1h-Lower, the Pivot Point one-day Support 2, and the Fibonacci 38.2% one-week.
Lower, the next cushion for the granddaddy of cryptocurrencies is at $33,150, which is the meeting point of the PP one-month R1 and the Fibonacci 23.6% one-week.
BTC/USD has critical resistance at $36,400, which is the confluence of the Simple Moving Average 5-4h, the BB 4h-Middle, the BB 15min-Upper, and the SMA 5-one-day.
Further above, the next hurdle is $37,200, which is a juncture including the PP one-month R2 and the Fibonacci 61.8% one-day.
ETH/USD needs to surpass $1,350
Ethereum is capped at $1,350, which is a dense cluster including the SMA 5-1h, the BB 15min-Middle, and the previous weekly high.
It is followed by $1,400, which is where the PP one-week R1 and the Fibonacci 23.6% one-day converge.
Support for Vitalik Buterin's brainchild awaits at $1,250, which is the confluence of the SMA 5-one-day and the previous daily high.
ETH/USD has another cushion at $1,200 which is the convergence of the several SMAs: the 10-one-day, the SAM 200-1h, and the SMA 50-4h.
XRP/USD must take 0.2930
Ripple's XRP token had also benefitted from the run into Altcoins, despite its legal woes. Critical resistance awaits at $0.2930, which is the convergence of the SMA 5-1h, the SMA 10-1h, the Fibonacci 23.6% one-month, and the SMA 10-15m.
The upside target is $0.3125, which is the meeting point of the previous 4h-high and the Fibonacci 38.2% one-day.
XRP/USD has close support at $0.2840, which is a dense cluster including the SMA 5-one-day, the previous 1h-low, and the BB 1h-Lower.
Bears eye $0.2570, which is the meeting point of the Fibonacci 161.8% one-day and the PP one-day S2.
See all the cryptocurrency technical levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.