Image credit: source

  • Cryptocurrencies have enjoyed an upbeat weekend and advanced.
  • Low liquidity during due tot he US Labor Day may trigger higher volatility.
  • Here are the next levels to watch according to the Confluence Detector.

Digital coins have had a positive transition from August to September – licking the wounds from the falls and recovering. Can they extend their gains? It will not require significant buying power by the bulls to push prices forward. Low liquidity due to America’s Labor Day weekend means that small orders can make big splashes. 

Technical levels paint a complicated landscape for cryptos to advance in.

This is what the Crypto Confluence Detector shows in its latest update:

BTC/USD needs to break above $9,870

Bitcoin has neared the $10,000 level once again during its weekend recovery. The granddaddy of cryptocurrencies now faces resistance at $9,870, which is the confluence of the Fibonacci 38.2% one-week, the previous daily high, the Simple Moving Average 50-4h, the SMA 200-1h, and the Bollinger Band 1h-Upper.

If it breaks higher, the next level to watch is $10,427, where we see the convergence of the Pivot Point one-week Resistance 1, and the SMA 50-1d. 

Looking down, BTC/USD has support at $9,660, which is a dense cluster of lines including the SMA 5-1d, the Fibonacci 23.6% one-week, the SMA 200-15m, the SMA 50-1h, the Fibonacci 61.8% oen-day, and the SMA 10-4h.

Next, down the line, we find $9,310, which is where the previous monthly low, the Fibonacci 161.8% oen-day, and he previous weekly low converge. 

ETH/USD battles $171

Ethereum has attempted to recover but is stuck in a minefield of lines around $171. This includes the SMA 5-15m, the Fibonacci 23.6% one-week, the SMA 10-15m, the SMA 5-4h, the SMA 10-4h, the SMA 5-1h, the BB 15min-Middle, the SMA 10-1h, the SMA 50-15m, the Fibonacci 61.8% one-day, and the BB 15min-Upper. 

Next, ETH/USD may struggle around $176, which is where the Fibonacci 38.2% one-week and the PP 1d-R2 converge.

The upside target is $187, where we find the confluence of the PP 1w-R1 and the BB 1d-Middle.

Looking down, Vitalik Buterin’s brainchild has support at $164, which is the convergence of the previous monthly low and the previous weekly low. 

XRP/USD faces fierce resistance 

Ripple is stuck around $0.2540, which is a dense cluster of lines including the Fibonacci 23.6% one-day, the BB 1h-Lower, the BB 4h-Lower, the previous monthly low, the SMA 5-15m, the Fibonacci 38.2% one-day, and the SMA 10-15m. 

Next, it faces resistance at $0.2570, which is the convergence of the SMA 100-1h, the BB 15min-Upper, the Fibonacci 61.8% one-day, the SMA 200-15m, the SMA 10-4h, the SMA 50-1h, and the SMA 5-1d.

The next cap is close. At $0.2608, we see the PP 1d-R1 and the Fibonacci 23.6% one-month converge. 

XRP’s upside target is at $0.2740, where the Fibonacci 38.2% one-month and the PP 1w-R1 meet.

Support awaits Ripple at $0.2476, which is the confluence of the previous weekly low, the PP 1d-S2, and the BB 1d-Lower.

See all the cryptocurrency technical levels.

(Excerpt) Read more Here | 2019-09-02 09:33:00

LEAVE A REPLY

Please enter your comment!
Please enter your name here