- Bitcoin is consolidating its gains, Ripple has rallied, and Ethereum is now in charge.
- The change of leadership does not alter the general uptrend for cryptocurrencies.
- Here are the levels to watch according to the Confluence Detector.
The US Securities and Exchanges Commission delayed another decision on a Bitcoin ETF. Yet while this provided Bitcoin with an opportunity to consolidate its gains, Vitalik Buterin’s brainchild is now in the lead while Ripple is getting used to trading above $0.40.
What are the next levels to watch? Cryptocurrencies are moving higher in general, but it is never a one-way street.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD has significant support
Bitcoin is enjoying support at $7,980 where we see a dense cluster of lines: the Simple Moving Average 5-4h, the SMA 200-15m, the Bollinger Band 1h-Middle, the SMA 5-15m, the SMA 10-15m, the SMA 100-15m, and the SMA 10-45h.
The next substantial support awaits at $7,529 which is the convergence of the Pivot Point one-month R3, the SMA 100-1h, and the PP 1w-R3.
BTC/USD faces initial resistance at $8,193 where we see a confluence of the BB 1h-Upper, the Fibonacci 23.6% one-day, and the previous 4h-high.
The next line to watch is $8,359 where the previous daily high and the PP 1d-R1 meet.
ETH/USD faces resistance
Ethereum is trading just below the $236 juncture of lines which includes the previous 4h-high, the BB 15min-Upper, the PP 1m-R3, and the PP 1d-R2.
Further up, weak resistance awaits at $249 which is the Pivot Point one-day R3.
ETH/USD enjoys some support at $226 where the PP 1d-R1 meets the previous 4h-low.
A more considerable cushion awaits at $211 which is the confluence of the SMA 50-1h, the SMA 200-15m, and the PP 1m-R2.
XRP/USD eyes $0.4670
Ripple is battling the $0.4240 region where we see the convergence of the PP 1m-R2 and the SMA 5-15m.
The upside target is clear: $0.4670 which where we see the all-important Pivot Point one-month R3.
XRP/USD enjoys some support awaits at $0.3977 where the Fibonacci 23.6% one-day meets the SMA 10-4h.
The most substantial support line is at $0.3820 where the previous monthly high meets the Fibonacci 38.2% one-day.