Bitcoin (BTC) has settled above $9,100 after a strong rally on Sunday. A sustainable move above critical $9,000 has improved the technical picture, though, at this stage, the first digital coin may enter a consolidation phase. The bulls need to take a breath before another leg higher.
Bitcoin confluence levels
Now that the strong line of resistance gave way, the recovery may gain traction. Moreover, there are only a few technical barriers located above the current price, which means that further growth is the path of least resistance for the market.
Ethereum (ETH) hit $279 on Sunday only to retread below $270 by the time of writing. The second largest cryptocurrency with the current market capitalization of $28.7 billion has lost nearly 1% of its value in recent 24 hours and stayed unchanged since the beginning of Monday. An average daily trading volume for ETH is registered at $9.7 billion, which is much higher from the long-term figures.
Looking technically, ETH/USD recovery is capped by the upper boundary of 1-day Bollinger Band (currently, at $278.73). This barrier stopped the upside on Sunday and triggered the downside correction. Once it is cleared, the bullish trend is likely to gain traction with the next focus on $280.00 and $284 (the upper boundary of 1-week Bollinger Band) and the recent high of $288. That’s where some profit taking on speculative longs may trigger the downside correction before another bullish leg towards $300.
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4323. It has gained nearly 3% of its value on a daily basis and stayed mostly unchanged since the beginning of Monday trading. The coin touched $0.4426 – the highest level since June,3 – but failed to keep the ground and slipped.
Ripple’s market value has settled at $18.2 billion, while the trading volumes settled at $1.8 billion.
XRP’s technical picture
A sustainable move above $0.4270 (23.6% Fibonacci retracement for the upside from April 25 low) has improved the technical picture and created a positive environment for a continued recovery. However, the price is likely to face a stiff resistance on approach to psychological $0.44, closely followed by Sunday’s high of $0.4426. Once it is cleared, the upside is likely to gain traction with the next focus on $0.4500 and $0.4646, which is the highest level hit on June 3.