Crypto levels to watch after the correction
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 shows in its latest update:
BTC/USD enjoys lots of support
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.
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
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.
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
, 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