cryptocurrency

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Crypto levels to watch after weekend consolidation – Confluence Detector – FXStreet


  • Major cryptocurrencies trade in relatively tight ranges this weekend.
  • NY financial regulator gives green light to Bakkt to offer Bitcoin futures.
  • Confluence Detector shows Ethereum sits above multiple strong support levels.

The strong selling pressure surrounding major cryptocurrencies eased a little on Friday following the news of the NY financial regulator granting Bakkt, cryptocurrency platform affiliate of Intercontinental Exchange Inc, a license to operate as a limited liability trust company, in other words, allowing it to offer Bitcoin futures contracts to its institutional customers. Although the market sentiment turned positive on the back of this development, the three-biggest cryptocurrencies with regards to total market capitalization, Bitcoin, Ethereum, and Ripple, all look to post weekly losses.

Meanwhile, according to a press release published on Globe Newswire, Bitcoin’s mysterious creator Satoshi Nakamoto will reportedly reveal his identity among other information such as education, professional background, and confirm his holding of 980,000 Bitcoins worth around $10,000 billion, in a three-day event title “My Reveal,” which will go live on the Satoshi Nakamoto Renaissance Holdings and the Ivy McLemore & Associates websites live at 20:00 GMT on Sunday.

Now let’s take a look at the technical picture and identify the key technical levels revealed by the Confluence Detector for the top 3 cryptocurrencies.

BTC/USD to face strong resistance near $10,490

After dropping to its lowest level of August at $9,467 on Thursday, the BTC/USD pair staged a recovery and is now trading above $10,300. Despite this rebound, the pair remains on track to lose around 10% for the week.

On the downside, the 10-period SMA on the H4 chart at $10.280 seems to have formed interim support ahead of $10,060 (the Fibonacci 23.6% retracement of the monthly price action.) Meanwhile, the initial resistance could be seen at $10,480 (previous daily high and the upper range of the Bollinger Band on the 15-minute chart before $10,800 (the Fibonacci 61.8% retracement of the weekly price action and Fibonacci 161.8% retracement of the daily price action.) 

ETH/USD trades above multiple support levels

According to the Confluence Detector, the ETH/USD pair is trading a little above the critical $196 support (the 200-period SMA on the daily chart, the upper range of the Bollinger Band on the hourly chart). Just below that level, $189/191 area (daily pivot point R2, the Fibonacci 38.2% retracement of the weekly price action, previous monthly low, the upper range of the Bollinger Band on the H4 chart) is likely to make it difficult for the pair to extend its slide. 

On the upside, $210 (weekly pivot point R1, the 100-period SMA on the H4 chart) could be seen as the first hurdle before $222 (the Fibonacci 23.6% retracement of the monthly price action). 

XRP/USD recovery unlikely to encounter any resistance until $0.2990

Ripple (XRP/USD) is likely to extend its recovery to $0.2990 (weekly pivot point R1) as the Confluence Detector shows a lack of resistance levels until that point. On the downside, the 10-day moving average is acting as dynamic support at $0.2860 ahead of $0.2840 (daily pivot point R3, the 200-period moving average on the hourly chart and the 50-period moving average on the H4 chart) and $0.2808 (the Fibonacci 61.8% retracement of the weekly price action.)



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.