- Cryptocurrencies have been consolidating at lower ground and face significant hurdles.
- The US SEC postponed a decision on three Bitcoin ETF proposals.
- Here are the next levels to watch according to the Confluence Detector.
Regulators are back – and back to their habit of procrastinating. The US Securities and Exchanges Commission (SEC) has decided to delay its decision regarding three rule changes regarding a Bitcoin Exchange Traded Fund (ETF). The
Regulators may be too busy with Facebook’s Libra – or just prefer taking their time in the summer. The SEC’s impact on prices of digital assets has been waning, but the recent decision seems to have a minor adverse impact. Cryptocurrencies are unable to recover from their previous falls.
Looking at the charts, the top three coins face similar challenges – uphill resistance lines that they must capture to resume the rises.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD must surpass $11,657
Bitcoin has one clear target – $11,657. A dense cluster of significant line awaits the granddaddy of cryptocurrencies there. It includes the Simple Moving Average 5-one-day, the Fibonacci 61.8% one-month, the SMA 50-4h, the SMA 200-1h, the Fibonacci 38.2% one-week, the Pivot Point one-day Resistance 1, and the previous daily high.
In order to reach that level, the king of cryptos first needs to overcome $11,423 which is the convergence of the SMA 100-15m, the BB 1h-Middle, the SMA 5-4h, the SMA 200-15m, the SMA 50-1h, the BB 15min-Upper, and the SMA 10-4h.
BTC/USD enjoys support at $11,240 where we see the confluence of the BB 15min-Lower, the PP 1d-S1, the previous daily low, and the Fibonacci 61.8% one-week.
Further down, the next cushion is at $10,838 where the SMA 100-4h, the PP 1w-S1, and the PP 1d-S3 meet.
ETH/USD eyes $219
Ethereum‘s critical cap is $219 where we note a juncture of levels including the SMA 200-1h, the SMA 50-4h, the Fibonacci 38.2% on-week, the SMA 10-1d, and the P 1d-R2.
The initial hurdle is $213.50 where the Fibonacci 38.2% one-day. the SMA 10-4h, the BB 1h-Upper, and the SMA 5-1d converge.
Vitalik Buterin’s creation is struggling with $210 which is the convergence of a long list of levels including the previous daily low, the SMA 5-1h, the SMA 10-1h, the SMA 5-15m, the SMA 50-15m, the previous 4h-high, the BB 15min-Upper, the BB 4h-Middle, the SMA 100-1h, previous daily high, the BB 1h-Middle, and more.
The next cushion is considerably lower – last month’s low awaits ETH/USD at around $191.
XRP/USD looking at $0.30
Ripple faces fierce resistance at the round number of $0.30 where a minefield of levels awaits it. The area includes the Fibonacci 23.6% one-week, the BB 1h-Middle, the SMA 100-15m, the SMA 5-4h, the Fibonacci 23.6% one-day, the SMA 200-15m, and the SMA 50-1h.
The next hurdle is at $0.3070, which is the meeting point of the Fibonacci 38.2% one-week, the SMA 200-1h, and the SMA 50-4h.
The most significant hurdle awaits XRP/USD at $0.3160, which is a confluence level of the Fibonacci 61.8% one-week, the SMA 200-4h, and the Fibonacci 23.6% one-month.
Support awaits at $0.2820, where the previous monthly low converges with the PP 1w-S1.
Next, the token may find support at $0.2635, which is the confluence of the PP 1w-S2 and the PP 1m-S1.
See all the cryptocurrency technical levels.