Bitcoin (BTС) has recovered from the recent low of $9,573 to trade at $10,130 at the time of writing. The first digital coin has gained over 4% since this time on Wednesday, though it is still under pressure as the upside momentum fails to gain traction.
Bitcoin confluence levels
The Bitcoin (BTC) is sandwiched between firm support and resistance levels located both above and below the current price. While it may signal that we are in for an extended consolidation period, a decisive breakthrough in either direction will create a strong momentum.
After finding formidable support at $200 on Wednesday, Ethereum price pulled an incredible move above several key levels. Overwhelming support in the wake of breaking above the 50 Simple Moving Average (SMA) 15-mins and the 100 SMA 15-mins pushed ETH/USD through $210 and $216 seller congestion zones.
The ultimate break above $220 opened the way a mega push towards $230. However, a high was formed at $226 culminating in a shallow retracement. At press time, ETH/USD is flirting with $222 within a bullish flag pattern.
Ripple’s XRP hit the recent low at $0.2834 on July 16. The recovery that followed took the price of the third-largest coin marginally above $0.3400, however, the upside proved to be unsustainable. The downside correction took the price towards the critical $0.3000 where new buyers popped in and helped to initiate a recovery. At the time of writing, ETH/USD is changing hands at $0.3182, up 4% on a day-on-day basis and mostly unchanged since the beginning of Thursday.