Cryptos trying to recover ahead of the Bakkt launch
Consolidation has ended in a climbdown – not a recovery. After several days of limited movements, digital coins have succumbed to selling pressure with Bitcoin falling below $9,500, Ethereum cracking under $170, and Ripple struggling with $0.2500.
Can cryptocurrencies climb back up? Bulls are licking their wounds and a ray of light comes from the upcoming launch of Bakkt. While the official debut is due on September 23, clients may begin making warehouse deposits as early as September 6 – next Friday.
Bakkt enables settling Bitcoin futures physically – a stark difference from the Chicago Mercantile Exchange (CME) which are cash-settled. The launch may draw more money to cryptocurrencies.
What levels should we watch?
This is what the shows in its latest update:
BTC/USD has a hurdle before $10,000
is facing resistance at $9,870, where we see the convergence of the Simple Moving Average 5-4h, the Fibonacci 23.6% one-day, and the previous weekly low.
Further up, $10,050 caps the granddaddy of cryptocurrencies, where we see the meeting point of the SMA 100-1d and teh Fibonacci 23.6% one-month.
The upside target is $10,700, which is where the Fibonacci 38.2% one-week and the Fibonacci 23.6% one-week converge.
Support awaits at $9,125, where the previous monthly low meets the Pivot Point one-day Support 2.
The next cushion is only at $8,390, where the PP 1m-S1 hits the price.
ETH/USD needs to recapture $180
is looking for some support at $170, where we see the convergence of the SMA 5-15m, the PP 1w-S2, the SMA 5-1h, the BB 15min-Middle, and the previous 1h-high.
The next cushion for Vitalik Buterin’s creature is at $167, where the previous 4h-low and the PP 1m-S1 meet.
Resistance awaits ETH/USD at $180, which is the Fibonacci 61.8% one-day, the previous weekly low, and the SMA 10-4h.
The high target is $191, where we see the confluence of the previous monthly low and the SMA 100-4h.
XRP/USD has little support
is in trouble – lacking significant support. It may find a cushion at $0.2460, where the PP 1d-S1 and the BB 1h-Lower converge.
Further down, $0.2410 is where the PP 1w-S2 meets the price.
Resistance is more significant for XRP/USD. At $0.2618, we see the confluence of the PP 1m-S1, the Fibonacci 61.8% one-day, and the SMA 10-4h.
The upside target is $0.2840, where the previous monthly low, the Fibonacci 11.8% one-day, and the Fibonacci 23.6% one-week.