Bitcion rises, can it carry the rest?

May 02,2019 14:29   Source:Forex Crunch
  • Cryptocurrencies are rising in a calmer mood than previous days.
  • The technical levels look favorable to Bitcoin but not to the others. 
  • Here are the levels to watch according to the Confluence Detector.

Cryptocurrency markets are calm as European traders return from their May Day holidays. The calm proves positive for all top three digital coins that enjoy some positive news.

Washington State decided to recognize Blockchain records as not only legally valid but also as enforceable, opening the door to broader adoption. The Chair of the US CFT said that interest in crypto could bring about more Clearing Houses. Broader institutional involvement for cryptos is good news.

And the crypto-sphere also needs to clean up its act. CoinMarketCap, one of the top sites, decided to remove certain exchanges from its listings if they do not provide certain figures. There had been reports that some crypto-exchanges bloat the trading volume in order to stand out.

This is what the Crypto Confluence Detector shows in its latest update: Ethereum Ripple May 2 2019 technical confluence-636923854736311535.png

BTC/USD is sitting on firm ground

Bitcoin, the King of Cryptocurrencies, enjoys the best technical outlook. It enjoys a dense cluster of support lines at $5,324 which is the confluence of the Fibonacci 61.8% one-day, the Simple Moving Average 10-4h, the Bollinger Band 15min-Lower, the previous low 4h, the SMA 100-15m, the Bollinger Band 1h-Middle, the Simple Moving Average 5-4h, the SMA 50-15m, the SMA 10-1h, the Fibonacci 38.2% one-day.

Another considerable cushion awaits at $5,269where we see the convergence of the SMA 50-4h, the Fibonacci 23.6% one-month, the SMA 200-1h, the previous daily low.

BTC/USD faces some resistance at $5,658 which is the meeting point of the previous monthly high and the weekly high as well.

The upside target is $5,937 where the PP 1m-R1 and the PP 1w-R2 converge.

ETH/USD is stuck in a narrow range

Ethereum also enjoys substantial support, like Bitcoin. The $162 level is the confluence of the previous 4h-low, the SMA 10-1d, the SMA 50-15m, the SMA 10-1h, the BB 1h-Middle, the Fibonacci 23.6% on, and the SMA 200-15m.

However, it also faces resistance quite close, at $164.50 where the SMA 200-4h and the Fibonacci 61.8% one-day meet.

If ETH/USD drops, it has support at $155.50 where we see the convergence of the SMA 50-1d, the Fibonacci 23.6% one-week, and the BB 4h-Lower.

And if Vitalik Buterin’s brainchild breaks higher, it will find resistance at the round number of $170 which is a juncture including the Fibonacci 38.2% one-month and the PP 1d-R2.

XRP/USD faces fierce resistance

Ripple is in a worse situation. It is capped by $0.3100 which is a dense cluster including the SMA 200-15m, the Fibonacci 38.2% one-day, the previous 1h-high, the previous 4h-high, and the SMA 10-4h.

Another considerable cap awaits at $0.3210 which is a convergence of the Fibonacci 61.8% one-month, the PP 1d-R2.

Some support awaits at $0.3018 where the SMA 50-5h, the SMA 200-1h, and the PP 1d-S1 converge.

The downside target is $0.2840 where the previous monthly low and the previous weekly low meet up.

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