- BTC/USD recovers from recent lows stuck at $7,600.
- ETH/USD consolidates at $420 level.
- XRP/USD bulls were discouraged by $0.4600 resistance.
Bitcoin bears seem to have slowed down a little following 11% drop from recent high registered at $8,500. The crypto market has entered a consolidation phase, though XRP demonstrated particularly strong growth with no clear fundamental reasons readily available.
BTCUSD virtually bumped into a strong confluence zone at the price level of $7,630. The indicators that create this critical confluence and listed from lowest to the highest price level, among others:
Fibonacci 38.2% one-month, SMA 50-15m, 15 min low, 1-hour low, the SMA 10-1-hour, the Bolinger Band 15m-Middle, the SMA 5-1h, and the SMA 100-daily.
Once this area is cleared, the upside may be extended towards psychological $8,000, reinforced by SMA100 (1-hour chart) and SMA10 (daily). This level is followed by the ultimate resistance of $8,500, which encompasses both last month and last week highs as well as 161.8% Fibo retracement level (daily). Considering the importance of the confluence area, it will be hard to…
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