The levels to watch after the much-needed correction – Confluence Detector

  • All three cryptocurrencies have suffered losses, and this includes the recent leader, Ethereum. 
  • The trio enjoys significant support, but it is enough to resume the gains?
  • Here are the levels to watch according to the Confluence Detector.

Cryptocurrencies are on the back foot, losing ground after several upbeat days. Bitcoin fell below $8,000 just after hitting a new high, Ethereum is back in the red after rushing higher of late, and also Ripple is off the highs. 

Apart from a much-needed correction, the SEC decision to postpone the approval of a Bitcoin ETF once again, this time by Bitwise may have added to the pain.

What technical levels should we watch? 

This is what the Crypto Confluence Detector shows in its latest update:

BTC/USD enjoys lots of support

Bitcoin took a dive but support is close. At $7,662 we see the confluence of the Simple Moving Average 5-1d and the Pivot Point one-day Support 2.

More significant support awaits at $7,510 where the Fibonacci 161.8%, the Pivot Point one-week Resistance 3, the PP 1d-S3, and the PP 1m-R3 converge.

BTC/USD looks up towards $8,090 where a dense cluster of levels awaits it: the SMA 50-15m, the SMA 10-4h, the Bollinger Band 1d-Upper, the previous 4h-high, the BB 15mmin-Upper, and the SMA 100-15m all meet.

Further above, the granddaddy of cryptocurrencies has no substantial resistance lines at least until $8,855.

ETH/USD is battling $250

Ethereum is trying to cling onto $250 which is a juncture including the SMA 10-15m, the previous 15min-high, the SMA 100-15m, and the previous daily high.

It targets the fresh high at $272 which is also the confluence of the PP 1d-R2 and the BB 4h-Upper.

ETH/USD enjoys initial support at $243 where the previous 1h-low converges with the Fibonacci 23.6% one-day. 

Vitalik Buterin’s creature has more substantial support at $236, where the PP 1m-R3 and the Fibonacci 38.2% one-day meet.

XRP/USD support is below $0.40

Ripple, which enjoyed Coinbase’s inclusion, has its first support line only at $0.3820 where the previous monthly high converges with the PP 1d-S2.

Further below, $0.3690 is a powerful minefield including the Fibonacci 161.8% one-day and the PP 1m-R1.

Looking up, resistance awaits at $0.4240 which is the confluence of the SMA 50-1h, the SMA 200-15m, and the PP 1m-R2.

The next cap is $0.4450 where the Fibonacci 38.2% one-day, the BB 15min-Lower, and the previous 4h-high converge.

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