Cryptos are crumbling – levels to watch

August 14, 2019 Off By admin-445
  • Cryptocurrencies have been falling sharply amid falling safe-haven demand.
  • Digital coins face clear lines of resistance they must overcome to move higher.
  • Here are the next levels to watch according to the Confluence Detector.
  • Bitcoin is providing to be a safe-haven asset – and that can be painful for the cryptocurrency market when investors stop seeking refuge. The price of digital coins has dropped substantially after the US announced it would postpone some of the tariffs planned on China. President Donald Trump – “not a fan of Bitcoin” – has decided to spare US shoppers from new levies that would have bumped prices higher. And on the way, he sent Bitcoin lower.
    And while the world’s largest economies are getting closer, one of the biggest banks may be distancing itself from a dominant crypto exchange. Barclays has reportedly cut ties with Coinbase – ending a relationship which began in March. Apart from the blow to the reputation of digital coins, Coinbase would lose access to the UK’s Faster Payments Scheme (FPS) – slowing sterling transactions. Some speculate that the major British bank wants to distance itself from cryptos.
    The adverse news has sent Bitcoin below $11,00, Ethereum closer to $200, and XRP toward $0.2900. Where next? We will now examine the charts.
    This is what the  shows in its latest update:

    BTC/USD faces a challenge at $10,657
     is licking its wounds from Tuesday’s downfall and faces resistance at $10,657 which is a dense cluster including the Simple Moving Average 2004h, the SMA 10-1h, the Fibonacci 38.2% one-month, the Bollinger Band 15min-Upper, and more.
    Further above and with enough momentum, the granddaddy of cryptocurrencies may challenge $11,629, which is the Fibonacci 61.8% one-month, the Fibonacci 38.2% one-week, and the Pivot Point one-day Resistance 2.
     has some support at $10,060, where the Fibonacci 23.6% one-month hits the price.
    In case of a severe downfall, the king of cryptos could fall to $9,144, which is the confluence of the previous monthly low and the PP one-week Support 3.
    ETH/USD capped at $208
     faces an immediate challenge at $208, where a minefield of technical lines awaits it. This includes the SMA 5-15m, the previous 4h-low, the SMA 5-4h, the SMA 10-15m, the BB 1h-Middle, the SMA 50-15m, the SMA 10-1h, the SMA 100-15m, and more.
    If ETH/USD breaks higher, the next cap awaits it at 217 which is the convergence fo the SMA 50-4h, the BB 4h-Upper, the PP 1d-R2, the SMA 200-1h, and the Fibonacci 161.8% one-day.
    A third hurdle is close by – $221 – where the PP 1d-R3, the Fibonacci 23.6% one-month, and the Fibonacci 38.2% one-week converge.
    Looking down, noteworthy support awaits only at $191 – last month’s low.
    All in all, Vitalik Buterin’s brainchild is in a perilous technical state.
    XRP/USD needs to break above $0.2959
     is facing instant resistance at 0.2959 which is a dense cluster including the SMA 5-15m, the BB 1d-Lower, the SMA 10-15m, the BB 1h-Middle, the SMA 5-4h, the Fibonacci 38.2% one-day, the BB 15min-Middle, the SMA 5-1h, and the SMA 10-1h.
    If XRP overcomes this hurdle, the next target is $0.3065, which is the confluence of the Fibonacci 38.2% one-week, the PP 1d-R2, and the Fibonacci 161.8% one-day.
    Below, weak support awaits at $0.2988, where we find the previous weekly low.
    Next, somewhat more substantial support awaits at $0.2837, which is the meeting point of the previous monthly low and the PP 1d-S3.

    Source: www.forexcrunch.com