- Cryptocurrencies have surged with Bitcoin leading the charge above $10,000.
- Facebook's Libra launch and a bullish sentiment are behind the move.
- Here are the next levels to watch according to the Confluence Detector.
The granddaddy of cryptocurrencies was hovering just below $10,000 for some 24 hours. And when markets closed, it finally shot higher and reached a peak of $10,468 at the time of writing – the highest since March 2018.
One of the upward drivers to the bullish move came from Facebook. The social media giant has announced it is launching its cryptocurrency project called Libra under a Geneva-based foundation name Calibra. Implementation is due only in 2020 but FB's considerable move into the blockchain world has stirred markets all over the world.
Cryptocurrency traders may be asking: what's next? What are the levels to watch?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD eyes $11,508
Bitcoin has its next target at $10,750 – the convergence of the Pivot Point one-day Resistance 2 and the PP 1w-R1.
It then eyes $11,184 where we see another pair of pivot points: the 1d-R3, and the 1w-R2
BTC/USD's next target is $11,508 where the PP 1m-R2 awaits.
IT is well supported already above $10K. At $10,260, Bitcon enjoys the support of the previous weekly and daily highs.
And at $10,050, the king of cryptos enjoys a cushion including the Pivot Point one-month R1, the BB 15min-Middle, and the Simple Moving Average 5-1h.
ETH/USD targets $344
Ethereum has also been on the rise. Vitalik Buterin's brainchild used to lead bullish runs but is now the laggard. Nevertheless, it seems to catch up with its break above $300.
ETH/USD eyes $318 as the first target, followed by $322 and with $344 in sight.
Solid support awaits at $288 which is the confluence of the Fibonacci 38.2% one-day, the Bollinger Band 1d-Upper, the Simple Moving Average 100-15m, the previous monthly high, and the Fibonacci 23.6% one-week.
XRP/USD well-supported
Ripple has solid support at $0.45 it was battling to conquer. It is a dense cluster consisting of the Fibonacci 23.6% one-week, the previous daily high, and the BB 15m-upper.
Looking up, its clear upside target is $0.4750 where the PP 1d-R3 and the previous monthly high converge.
XRP/USD's next line to watch is $0.4950 which is the PP 1w-R2.
See all the cryptocurrency technical levels.
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