Bitcoin can take a break, Ripple and Ethereum can move up

May 03,2019 21:51   Source:Forex Crunch
  • Cryptocurrencies are having a happy Friday and shooting higher.
  • Bitcoin stood out in the rise but may now consolidate, the others may continue without it.
  • Here are the levels to watch according to the Confluence Detector.

Cryptocurrencies are climbing and quite fast. Bitcoin, the granddaddy of digital coins, topped $5,800 at some point, the highest this year. Ethereum and Ripple are also on the rise, but not going anywhere fast.

Various positive news items related to institutional adoption have underpinned the currency crypto craze. The broader picture is of an ongoing rally since the initial jump in April and since the great crash of November and December.

So, what levels should we watch?

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

Bitcoin Ethereum Ripple May 3 2019 technical

BTC/USD is somewhat detached from the ground

Bitcoin, that led the charge forward now has more room to correct and consolidate before the next move. Initial support awaits at $5,640 where we see the convergence of the Bollinger Band 15min-Middle, the previous monthly high, and the previous weekly high.

The next substantial support is at $5,402 where we see the confluence of the Simple Moving Average 501h, the Fibonacci 38.2% one-day, the Fibonacci 61.8% one-week, the SMA 200-15m, and the SMA 10-4h.

BTC/USD has the strongest support at $5,283where we see a dense cluster including the SMA 50-4h, the SMA 200-1h, the SMA 5-1d, the Fibonacci 23.6% one-month, the PP 1d-S2, and the SMA 10-1d.

If Bitcoin extends its gains in the immediate term, it faces resistance at $5,938 where we see the PP 1m-R1 and the PP 1w-R2.

ETH/USD has a clear upside target

Ethereum has a clear upside target at $188 where the previous monthly high meets the PP 1m-R1.

A bit lower, the initial target is $176 where we see the Fibonacci 23.6% one-month, the BB 1d-Upper, and the previous weekly high.

ETH/USD has considerable support at $164.50where we see the PP 1d-R1, the previous daily high and the SMA 5-1h.

Further support for Vitalik Buterin’s brainchild awaits at $161 where the Fibonacci 23.6% one-day, the SMA 5-1d, the SMA 10-1d, the BB 15min-Lower, the BB 4h-Lower, the Fibonacci 38.2% one-week, and the previous daily low.

XRP/USD enjoys robust support

Ripple is finally beginning to look better. It enjoys a massive support area between $0.3027 and $0.3092 where the long list of support lines, previously resistance lines, include the SMA 100-15m, the SMA 200-15m, the SMA 501h, the Fibonacci 61.8% one-day, the BB 4h-Middle, the Fibonacci 38.2% one-day, the SMA 5-4h, the PP 1d-S1, the SMA 10-1d, the Fibonacci 23.6% one-day, the Fibonacci 38.2% one-week, the BB 15min-Lower, and many more.

In order to move higher, it needs to get out of the current cluster of levels around $0.3157 including the Fibonacci 161.8% one-day, the Fibonacci 61.8% one-week, the PP 1d-R3, the BB 4h-Upper, the BB 1d-Middle, the SMA 100-1d, and more.

The upside target is $0.3435 which is the meeting point of the Fibonacci 38.2% one-month and the BB 1d-Upper.

The post appeared first on Forex Crunch.



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