Bitcoin is trading at around $6,575, a step back from fresh highs but resting above the strongest confluence level. Such confluence is the result of the sum of weights of more than 25 indicators. At the exact level on which BTC/USD rests, the monthly Fibonacci level of 38.2%, the daily Fibonacci level of 61.8% and two minor indicators converge. This is above all the other 20 indicators surrounding this level, which makes it the most important of them all.
Whatever direction Bitcoin takes, there are two clear and decisive targets. On the upside, the wall to be demolished is at $7,040, and it is made up of the 61.8% of Fibonacci in monthly time frame and R3 Pivot Point in weekly calculations.
On the downside, critical support at $5,780, monthly and weekly lows. The loss of this level would be catastrophic in the medium term.
Ethereum doesn’t have it as easy as Bitcoin apparently does. It moves between a very dense but not very concentrated area of multiple confluences that makes it extremely difficult for the price to break. Despite this, there is a certain fragility in the structure, as the current price is on the downward area of the confluence and with very few supports.
On the downside, ETH/USD should take into account two levels: first, the confluence at $450, formed by the daily S1 Pivot Point level, yesterday’s highs and the 61.8% Fibonacci weekly level. In the event of a failure of this support, the next vital support level is $430, which gathers the S2 Pivot Point daily level, the 38.2% Fibonacci retracement in the weekly range and finally the 161.8% of Fibonacci calculated with yesterday’s session data.
On the upside, the first target for Ethereum should be to get out of the tangle described in the first paragraph. If ETH/USD succeeds, its main target is to breach $510, a very significant frontier that separates it from a fully bullish scenario. In this level, the R3 Pivot Point in daily time frames, the R2 Pivot Point in the weekly period and the SMA200 in 4-hours converge. It may not seem like much, but with the effort that ETH/USD will have to make to get there, overcoming that is not going to be easy.
In the case of Ripple, its situation differs somewhat from that of his two Crypto-mates. It moves around $0.48, a quiet and fairly unobstructed area. Above there, we find the first major confluence at $0.49, which accumulates the influence of up to 30 short and medium term indicators. I am sure that this area will not be crossed without a significant increase in volatility. If XRP/USD exceeds this dense zone, clear path to $0.53, where the following levels are converging, attention: the 161.8% of Fibonacci in weekly range, the R3 Pivot Point in weekly range, the 38.2% of Fibonacci in monthly range, the R2 Pivot Point in weekly range and finally the R2 Pivot Point also in weekly range. A fortress!!
Ripple has its critical support at the $0.42 level, where the weekly S1 Pivot Point and the weekly and monthly lows converge.
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