Top 3 Price Predictions for the Crypto-comeback: Bitcoin bounce could send it above $7,000, Ethereum has its limit, Ripple finally found its feet targeting $0.6005 – Confluence Detector

• Bitcoin, Ethereum, and Ripple are bouncing after digging the bottom.
• The three cryptocurrencies all found significant support and eye upside targets.
• The Confluence Detector shows clusters of technical levels according to their importance.

BTC/USD has a strong base and could run above $7,000

After the big bounce, the price of Bitcoin has established itself above the significant support line of $6,457 which is a dense cluster of lines: the Fibonacci 61.8% one-day, the 4h- high, the 1h-low, the Bolinger Band 15m-Lower, and the Simple Moving Average 10-4h. 

This base may allow BTC/USD to attack $6,588 which is the convergence of the Simple Moving Average 50-1h, the 15m-high, the Bolinger Band one-day Lower, the Bolinger Band 1h-Upper, and the Pivot Point one-day Resistance 1.

A run higher may see fewer levels of resistance until the target of $7,056 which is the confluence of the one-month low and the Pivot Point one-day.

Looking down, if $6,457 does not hold, the next cushion is close by. The pair has robust support at $6,379 which is the Pivot Point one-month Support 1, the Bollinger Band 1h-Middle, the Simple Moving Average 5-4h, the SMA 50-15m, and the SMA 100-15m.

This is how it looks:

ETH/USD has limited room to further run

The Ethereum Price does not look as steady as its bigger brother but has also bounced. Initial resistance awaits at $504 which is the confluence of the 1d-high, the Pivot Point one-day Resistance 1, the one-month low, and the Bolinger Band 1h-Middle. 

Further above, $524 is a steady level which is the convergence of the Pivot Point one-week Support 3 and the Simple Moving Average 5-one-day. 

Support awaits at $483 which is the congestion of the Bollinger Band 15m-Lower, the Fibonacci 61.8%, the Simple Moving Average 10-4h, the SMA 10-1h, and the SMA 50-15m.

The round $450 level awaits ETH/USD way below. This is the meeting point of the one-day high and the Pivot Point one-day Support 1.

Here is how it looks:

XRP/USD finally found its feet

After suffering from no significant support, the price of Ripple.finally found a considerable base at $0.5450. This is the convergence of the one-hour low, the 4h-high, the Bollinger Band 15m-Lower, one-month, and just below, the Simple Moving average 10-4h. 

The firm base may allow the pair to move up and challenge $0.5630 which is the confluence of the Bolinger Band 1h-Middle, the one-day high, and the Pivot Point one-day Resistance 1. 

The more significant target above is $0.6005 which is the convergence of the Fibonacci 161.8% one-day and the Pivot Point one-week Support 2.

Looking down below the substantial support of $0.5450, the next level awaits at $0.5320 which is the convergence of the Bolinger Band one-day Lower, the BB 1h-Middle, the SMA 5-4h, and the SMA 100-15m.

This is how it looks:

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Learn more about Technical Confluence

More: Latest cryptocurrency news

---