Crypto levels to watch after the correction

May 16, 2019 Off By admin-445
  • 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 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

    Source: www.forexcrunch.com