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- The cryptocurrencies have taken another step forward with another consolidation, as Blockstream sends another satellite into space.
- The moves are the opposite of a "rebound of the dead cat" and represent a healthy recovery.
- Here are the levels to be observed according to Confluence Detector, our proprietary tool
Cryptographic return continues. Among the most recent news, we learned that Blockstream expanded its presence above the blue planet by sending its fifth satellite into space. Another positive news came from Mike Novogratz who sees a fund that comes at Bitcoin prices.
The recent moves in the encrypted are two steps higher, a step lower. Every move is followed by consolidation without a significant retreat of digital coin prices. We are witnessing the exact opposite of the infamous "dead cat bounces" that we saw up until last week.
BTC / USD is already present for levels above $ 4000
Bitcoin, the grandfather of cryptocurrencies faces a medium-sized obstacle to $3,770 where we see the convergence of the Resistance of a day Pivot Point 1, the Bollinger Band Upper 15 minutes, the previous 4h-high, the BB 4h-Upper and the PP one-week R2.
However, the most significant resistance line is waiting for $4,199 where the very important Fibonacci 23.6% at one month is waiting for BTC / USD.
Looking down, significant support awaits for $3,655 which is the confluence of the previous weekly maximum, the BB 1d-middle, the BB 1h-middle, the Fibonacci 23.6% 1d, and the Simple Moving Average 5-4h.
The most consistent support is $3,500. Besides being a round number, it is the PP 1w-R1, the SMA 100-4h and is followed by the minimum of the previous month, and the Fibonacci 61.8% 1w.
ETH / USD can rest over $ 101, looking at $ 113.80
The coin of Vitalik Buterin has finally regained the $ 100 level and now fights $ 103 where we see a dense mass including SMA 5-1h, SMA 5-15m, BB 15m-Middle, the previous day on top, and SMA 10- 1h.
Ethereum faces some resistance levels during the ascent, but the most significant cap and the upside target is at $ 113.80 where we see the meeting point of the PP 1w-R3 and the SMA 200-4h.
Support for ETH / USD is expected at $ 101, which is a fierce level including the previous monthly minimum, Fibonacci 23.6% a day, 5-4h SMA, last week's maximum, Fibonacci's 38% a day and the BB 1d- Medium.
XRP / USD may have to wait before taking $ 0.40
Ripple worked fast and hard and now has a hard cap for $.3825 that is the convergence of the Fibonacci 23.6% a month and the previous 4h high.
If he manages to overtake that level, the next limit is $.4170 where we see 38.2% of Fibonacci at one month.
Support waits for XRP / USD to $.3670 which is the confluence of the one-day PP R1 and the SMA 200-4h. The next level to watch is near: $.3555 where the PP one week R3 meets the SMA 5-4h and the previous maximum daily.
