- Peter Schiff, Tom Lee, and Anthony Pompliano tussle in the Gold vs. Bitcoin battle.
- Current cryptocurrency prices are struggling with BTC slipping below $10,000.
- Here are the next levels to watch according to the Confluence Detector.
“Gold will reach $5,000” claimed Peter Schiff, a crypto critic, and a gold bug. “Bitcoin will reach $50,000,” said Tom Lee. Both influences clashed on social media and on television about future prices. Both assets are seen as safe havens and have risen of late, but these price targets seem far. XAU/USD is struggling with $1,500, while BTC/USD has dropped below $10,000.
The granddaddy of cryptocurrencies may have a dominance level of over 90% according to a new study by Arcane Research. The firm uses liquidity and other gauges to assess the balance between BTC and other digital coins such as Ethereum and Ripple. According to Coin Market Cap, Bitcoin is worth some 68% of all cryptocurrencies – the highest since April 2017.
FXStreet crypto analyst Tomas Salles has reiterated that meaningful bullish crypto markets were driven by Etehreum, not Bitcoin. Tomas will be back after his summer vacation. In the meantime, let us look at technical levels.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD on the back foot
Bitcoin has dipped below $10,000 and more importantly, has lost $10,075. The line is the convergence of levels including the Simple Moving Average 100-15m, the previous 4h-high, the Fibonacci 23.6% one-month, the Fibonacci 23.6% one-day, and more.
If the king of cryptos overcomes this level, it faces resistance at $10,488, which is the meeting point of the Bollinger Band 4h-Middle and the SMA 5-one-day.
Further above, the upside target is $10,800, where the SMA 50-one-day and the Fibonacci 61.8% converge.
Significant support awaits BTC/USD only at $9,090, where the previous monthly low hits the price.
ETH/USD has found its balance
Ethereum has almost equal levels of support and resistance. From its current levels, support awaits at $180, where we note the confluence of the Pivot Point one-day Support 1, the BB 1d-Lower, and the previous daily low.
Further down, considerable support awaits at $167.50, which is the convergence of the PP 1m-S1 and the PP 1w-S1.
Resistance awaits at $190.70, which is a juncture of lines including the Fibonacci 38.2% one-week, the SMA 501h, the SMA 200-15m, and the Fibonacci 61.8% one-day.
ETH/USD’s upside target is $198, where the SMA 200-1d and the SMA 10-1d converge.
XRP/USD stuck in the mud
Ripple is struggling around $0.2648, which is a dense cluster consisting of the SMA 5-15m, the SMA 5-4h, the SMA 10-15m, the SMA 100-15m, the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week, the Fibonacci 23.6% one-day, the PP 1m-S1, and the BB 15min-Lower.
Looking up, noteworthy resistance awaits at $0.2757, which is the confluence of the SMA 5-1d, the previous daily high, and the SMA 100-1h.
The upside target is $0.2839, where we see the PP 1d-R2 and the previous monthly low converge.
XRP/USD has support at $0.2525, where the previous yearly low and the BB 1d-Lower meet up.
See all the cryptocurrency technical levels.