- Facebook’s Libra members are considering quitting due to government pressure.
- Cryptocurrencies have been recovering with Bitcoin topping $10,000 once again.
- Here are the next levels to watch according to the Confluence Detector.
Some members of Facebook’s Libra have been considering quitting – before the project took off. According to the Financial Times, the regulatory scrutiny that the social media behemoth has deterred partners. One is quoted:
I think it’s going to be difficult for partners who want to be seen as in compliance [with their own regulators] to be out there supporting [Libra]
Facebook has declined to comment and plans to launch its global blockchain project seem to remain intact.
For up and running cryptocurrency projects, the past 24 hours have been better, with prices recovering after a gradual decline earlier in the week. What levels should we watch?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD has clear targets
Bitcoin faces initial resistance at $10,327, which is the convergence of the Fibonacci 38.2% one-week, the Bollinger Band 4h-Middle, the Simple Moving Average 200-1h, the SMA 50-4h, and the Pivot Point one-day Resistance 1.
Further up, the king of cryptos faces a challenge at $10,800, where we note the confluence of the Fibonacci 61.8% one-week and the PP 1d-R3.
BTC/USD has support at $10,060, where we see the BB 1h-Lower, the Fibonacci 23.6% one-month, and the Fibonacci 61.8% one-day converge.
The next considerable cushion is only at $9,320, where we see the PP 1d-Support 3 and the PP 1w-S1 meet.
ETH/USD finally finds support
Ethereum has a clear support line at $191, where a dense cluster of lines awaits it. This includes the SMA 50-4h, the Fibonacci 38.2% one-week, the Fibonacci 38.2% one-day, the previous monthly low, and the SMA 100-15m.
The next support is at $185, where the Fibonacci 23.6% one-week and the PP 1d-S1 converge.
Some resistance awaits ETH/USD at $200, which is the meeting point of the Fibonacci 61.8% one-week, the BB 4h-Upper, and the SMA 100-4h.
Further up, Vitalik Buterin’s creation may find resistance at $211, where we note the confluence of the PP 1w-R1 and the SMA 200-4h.
XRP/USD also enjoys robust support
Ripple, similar to Ether, has significant support at $0.2700. This juncture consists of the SMA 10-4h, the Fibonacci 38.2% one-day, the BB 1h-Lower, and the BB 4h-Middle.
The next cushion is at $0.2628, where the PP 1m-S1 and the PP 1d-S1 converge.
XRP has a clear resistance line at $0.2840, where the PP 1d-R2 and the previous monthly low meet.
Next up, we find $0.2912, which is the confluence of the BB 1d-Middle and the PP 1d-R3.
See all the cryptocurrency technical levels.