- Cryptocurrencies have been unable to hold onto gains and are now retreating.
- A self-regulation initiative may make waves in markets.
- Here are the next levels to watch according to the Confluence Detector.
No follow-through – cryptocurrency bulls may be disappointed by the lack of an extension to the upward movement in cryptocurrencies. Some of the previous upswings were fueled by hopes that regulators would allow a Bitcoin Exchange Traded Fund (ETF). And now, perhaps a new initiative for self-regulation may eventually push prices higher.
OKEx – a Malta-based exchange, has called the global cryptocurrency industry to self-regulate and stay ahead of governments. The firm’s Enzo Villani has presented the proposal in a speech at the Delta Summit in Malta. FXStreet’s Tomàs Salles is attending the summit and reports about the new move. Further regulation could pull mainstream money into digital coin investment and push prices higher.
In the meantime, the technical levels are in play.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD faces fierce resistance
Bitcoin is facing fierce resistance at $8,310, which is a dense cluster of lines including the Bolligner Band 4h-Middle, the Simple Moving Average 100-15m, the SMA 10-4h, the Fibonacci 23.6% one-week, the BB 1h-Middle, the SMA 50-1h, the SMA 200-15m, the SMA 10-1h, the Fibonacci 38.2% one-day, and many more.
The next level to watch is $8,490, which is the meeting point of the Pivot Point one-day Resistance 1 and the Fibonacci 23.6% one-month.
BTC/USD enjoys support at $8,060, which is the confluence of the PP 1d-S3 and the Fibonacci 161.8% one-day.
Lower, further support awaits at $7,760, which is where the previous weekly low and the previous monthly low converge.
ETH/USD looks stuck
Ethereum is struggling around $177, which is a juncture of lines including the Fibonacci 38.2% one-week, the previous hourly high, the SMA 10-15m, the Fibonacci 61.8% one-day, the BB 15min-Middle, the SMA 5-1h, and more.
The next cap awaits at $180, which is the confluence of the SMA 10-1d, the Fibonacci 23.6% one-day, and the Fibonacci 61.8% one-month.
Support awaits at $168, which is where the Fibonacci 23.6% one-week and the PP 1d-S3 meet up.
Next, ETH/USD has some support at $155, which is where the BB 1d-Lower meets the price.
XRP/USD eyes $0.2680
Ripple is struggling as well, around $0.25, which is the convergence of the BB 15min-Upper, the SMA 200-15m, the SMA 50-1h, the SMA 50-15m, the BB 1h-Middle, and the SMA 5-4h.
The upside target is $0.2680, which is where the PP 1d-R3 meets the price.
Support awaits at $0.2420, which is a juncture of lines including the PP 1d-S2, the BB 4h-Lower, the Fibonacci 23.6% one-month.
XRP’s downside target is $0.2189, where the previous monthly low and the previous weekly low converge.
See all the cryptocurrency technical levels.