Crypto Confluences Point To Losses, At Least In The Short Term

Ethereum led the rise of cryptocurrencies from the lows, Ripple enjoyed it as well, and Bitcoin also moved a bit higher. After consolidating, Bitcoin is best-positioned, or better said: the least badly-positioned. Confluences of technical levels point to considerable resistance lines and not that much support at this point.

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BTC/USD locked in a narrow range

Bitcoin has support at around $3,580 where we see a dense cluster including the Bollinger Band 15-minutes lower, the Pivot Point one-day Support 1, the BB 4h-Lower, the Fibonacci 38.2% one-week, the Simple Moving Average 5-one-day, the SMA 5-10, the SMA 50-15m, the BB 15min-Middle, the SMA 10-1h, the SMA 5-1h, the SMA 5-15m, the SMA 10-15m, and the BB 1h-Middle.

Resistance at $3,634 is also substantial, but marginally less robust. We see the juncture of the Fibonacci 23.6% one-week, the Fibonacci 61.8% one-day, the PP 1d-R1, the Fibonacci 38.2% one-month, the BB 4h-Upper, the SMA 50-1d, and yesterday’s high.

Beyond these levels, BTC/USD has quite a lot of room to rise and also fall. It could shoot up to $3,910, where we see the meeting of the PP 1w-R2 and the PP 1m-R1.

Or it could fall to $3,355 which is last month’s low.

All in all, there is little room to move, but with a bit more to the upside.

ETH/USD capped at $124.67

Ethereum is the big winner of Friday’s rally but may have run out of steam. Vitalik Buterin’s brainchild faces fierce resistance at around $124.57 where the PP 1d-R1 and the BB 1d-R2 converge.

Further resistance is very close: at $125.92 we see the confluence of the Fibonacci 38.2% one-month and the previous day’s high.

Some support awaits at $118.41 which is the convergence of the SMA 5-1d and the Fibonacci 23.6% one-week.

Further down,  ETH/USD has support around $115, where we see the Fibonacci 38.2% one-week.

The path of least resistance is down, but with more room to move than Bitcoin.

XRP/USD hard cap

Ripple faces a wall of resistance at $0.3060, where we see the Fibonacci 38.2% one-day, the BB 4h-Middle, the SMA 5-1d, and the SMA 100-1h converge.

And the wall gets even thicker at $0.3091 which is a cluster including the PP one-day R1, the Fibonacci 38.2% one-week, the Fibonacci 23.6% one-month, the BB1d-Middle, and the Fibonacci 61.8% one-day.

Looking down, Ripple has only weak support around the round number of $0.3000. The confluence consists of the SMA 200-1h, the SMA 50-4h, the Fibonacci 61.8% one-week, the SMA 50-15, the SMA 10-1h, and the BB 1h-Middle.

The downside target is $0.2840 which is last month’s low.