Recovery in play, cryptos encountering critical levels – Confluence Detector

Fibo Quantum

  • Cryptocurrencies have been enjoying an upbeat weekend, gaining ground.
  • The top digital coins need to overcome critical levels in order to rally.
  • Here are the next levels to watch according to the Confluence Detector.

Stock markets were unable to respond to the developments at G-7 summit over the weekend, but crypto markets are always open and they moved to their own fiddle. Bitcoin has been on a recovery path – topping $10,000 and carrying the rest with it. 

It is hard to point out any specific development that triggered the move, but it certainly is an upbeat sign as traders are returning from their vacations and getting ready for a busy September.

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

BTC/USD needs to overcome $10,695

Bitcoin has been struggling around $10,373, which is the convergence of the Simple Moving Average 5-15m, the Bollinger Band 15min-Middle, the SMA 10-15m, the SMA 5-1h, the SMA 10-1d, the SMA 10-1h, and the previous daily high.

The greater challenge awaits at $10,695, which is the meeting point of the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-week, the SMA 50-1d, and more. Breaking this level would unleash the upside.

Support awaits BTC/USD at $10,200, where we see the confluence of the SMA 1001-h, the SMA 5-4h, the Fibonacci 61.8% one-day, the SMA 5-1d, the BB 4h-Middle, and the SMA 100-15m.

The next cushion is close. At $10,100, two Fibonacci lines converge – the 23.6% one-month and the 38.2% one-day.

ETH/USD trapped around $190

Ethereum is battling $190 and needs to overcome it. The area consists of many lines, including the SMA 5-15m, the SMA 5-1d, the SMA 10-15m, the previous 5h-low, the BB 15min-Middle, the SMA 100-1h, the SMA 5-1h, the SMA 10-1h, the BB 4h-Middle, and the previous monthly low.

Resistance awaits at $193, where the previous daily high, the SMA 10-1d, the PP 1d-R1, the SMA 50-4h, and the SMA 200-1h all converge. 

Further up, the next cap is at $199, which is the convergence of the Fibonacci 161.8% one-day, and the SMA 200-1d. 

ETH/USD has support at $182, where the PP 1w-S1 and the PP 1d-S1 meet. 

XRP/USD faces a battle at $0.2720

Ripple has clear resistance at $0.2720, which is the confluence of the SMA 5-4h, the SMA 200-15m, the SMA 5-1d, the Fibonacci 61.8% one-week, the BB 15min-Middle, the BB 1h-Middle, the SMA 5-1h, and more.

Resistance awaits at $0.2846, where the previous monthly low, the BB 1d-Middle, and the Fibonacci 23.6% one-week converge.

Support for XRP/USD is at $0.2610, which is the convergence of the PP 1w-S1 and the PP 1d-S2.

The next cushion is at $0.2520 – the previous yearly low.

See all the cryptocurrency technical levels.