New York’s financial regulators allowed Bakkt, a subsidiary of Intercontinental Exchange Inc., a crypto platform, to sell physical term Bitcoin. Sales pressure on the big cryptocurrency eased on Friday. Although the market sentiment is positive in the midst of this development, overall market capitalization expects weekly losses for the three largest cryptocurrencies, Bitcoin, Ethereum and Ripple.
Let us now look at the drawing and determine the basic technical levels set by Confluence Detector for the first 3 cryptocurrencies.
Bitcoin (BTC / USD) faces strong resistance close to $ 10,490
The BTC / USD pair rebounded on Thursday after falling to $ 9.467, the lowest level of August, and is currently trading above $ 10,600. Despite this recovery, the pair has lost around 10% during the week
The drawback is that the 10 SMA on the H4 chart, which is at $ 10,280, creates temporary support before $ 10,080 (Fibonacci, 23.6% withdrawal of the monthly price movement.) Meanwhile, the first resistance was $ 10,480 (the previous day).
However, during writing, Bitcoin passed this resistance comfortably. The Bollinger Band’s high and upper range is expected to retreat before the $ 10,800 (61.8% of the Fibonacci weekly price action and 161.8% of the Fibonacci daily price transactions) on the 15-minute chart.
According to Confluence Detector, the ETH / USD pair is trading slightly above the critical $ 196 support (200-term SMA on the daily chart, the upper range of the Bollinger Band on the hourly chart).
Just below this level, ETH is struggling to expand the range, taking $ 189/191 (daily pivot point R2, 38.2% retraction of the Fibonacci weekly price movement, the lowest level of the previous month, the upper range of the Bollinger Band’s H4 chart).
On the upside, $ 210 (weekly pivot point R1, H4 100-term SMA on the chart) is the first obstacle before $ 222 (Fibonacci retreating the monthly price movement by 23.6%).
Ripple (XRP / USD) recovery will not resist up to $ 0.2990
Ripple (XRP / USD) seems to be taking $ 0.2990 (weekly pivot point R1) to its recovery, as it has so far lacked resistance levels. On the downside, the 10-day moving average acts as dynamic support of $ 0.2840 (daily axis R3, 200-period moving average on the hourly chart and 50-year moving average on the H4 chart) and $ 0.2860 ahead of the $ 0.2808 (Fibonacci, 61.8% of weekly price movement withdrew.)