Cryptos holding on amid fears of an Altcoin Extinction

  • Cryptocurrencies have been holding their ground ahead of the weekend.
  • Concerns about consolidation or extinction in Altcoins are gaining ground.
  • Here are the next levels to watch according to the Confluence Detector.

Is Bitcoin set to remain lonely at the peak? FXStreet’s Tomàs Salles is present at the Dela Summit in Malta where there is growing talk about a massive consolidation in Altcoins. Projects that fail to reach a critical mass may be eliminated sooner rather than later.

While Bitcoin dominates two-thirds of the market, its price action has underperformed some of its peers at the top. Ethereum and Ripple have been soldiering through. 

What levels should we be watching? 

In the meantime, the technical levels are in play.

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

BTC/USD has a well-defined range

Bitcoin is now trading in a clear range. Robust resistance awaits at $8,295, which is the convergence of the Simple Moving Average 5-one-day, the SMA 10-one-day, the Bollinger Band 4h-Middle, the Fibonacci 23.6% one-week, and the Fibonacci 61.8% one-day. 

Strong support awaits at $7,748, which is the confluence of the previous monthly low, the previous weekly low, and the Pivot Point one-day Support 3.

Further down, BTC/USD  has support at around $7,280, which is the meeting point of the BB one-day Lower and the PP one-week Support 1.

Resistance is at $8,640, which is where the Fibonacci 161.8% one-day and the Fibonacci 38.2% one-week converge. 

ETH/USD faces resistance at $177

Ethereum has a clear resistance line at $177, which is a dense cluster of lines including the SMA 200-15m, the SMA 10-4h, the SMA 10-one-day, the Fibonacci 38.2% one-week, the SMA 5-one-day, and the SMA 100-1h. 

The next cap for Vitalik Buterin’s brainchild is $181, which is the meeting point of the PP 1d-R1 and the previous daily high.

It is followed by $187, where we see the confluence of the SMA 50-one-day and the PP one-day Resistance 2. 

Support awaits at $173, which is the convergence of the BB 15min-Lower, the Fibonacci 23.6% one-day, the SMA 50-4h, and the SMA 200-1h.

XRP/USD is well-positioned

Ripple has risen and now benefits from substantial support at $0.2510, which is a dense cluster of lines including the SMA 5-one-day, the Fibonacci 61.8% one-day, the BB 4h-Middle, the previous 4h-high, and the SMA 10-15m.

It is backed up by $0.2430, which is the confluence of the PP one-day S1, the BB 4h-Lower, the previous daily low, and the Fibonacci 23.6% one-month.

Looking up, resistance awaits at $0.2626, which is the meeting point of the Fibonacci 161.8% one-day, the Fibonacci 61.8% one-week, and the SMA 50-one-day.

The upside target is $0.2837, which is where the Fibonacci 61.8% one-month and the PP one-week R1 converge. 

See all the cryptocurrency technical levels.

Crypto Destroyer

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