Cryptocurrency has been trading higher for almost a week, prompting them to overcome and endure a latent inrush. The positive technical picture indicates that major support is near for all top three digital currencies hence triggering them to soar high.
In this case, Ethereum (ETH) has the superlative potential, Bitcoin (BTC) is upbeat, while Ripple (XRP) seems to take its time.
The U.S. Securities and Exchange Commission (SEC) will have to begin quickly a fresh consultation period for Van Eck, SolidX, Cboe and Bitcoin exchange-traded fund (ETF). The SEC will move at its pace to review the application.
Bitcoin is currently supported at $3,919 where a solid collection of lines protect it from declining. The next major cushion for BTC/USD looms at $3,781, a convergence of the PP 1-week-S3 and PP 1-week-R2.
The weak resistance is currently at $3,981, a confluence of the PP 1d-R1. The upside target is now $4,080 – which is almost January’s high.
Ethereum is currently standing above a support line at $147.46 with the Fibonacci at more than 24% 1-day.
The next support level is close by at approx. $145 the preceding 4h-high and the earlier 1-day low converge.
The weak resistance is at $150, which is PP 1d-R1. Above all, $156 is ETH/USD upside target, which is over Fibonacci 161 1-day.
Ripple has room to plunge up when it meets the significant support line at $0.327 – a confluence of Fibonacci 161% 1-week.
XRP/USD is battling at $0.33 and is also targeting an upside of $0.34, which is Fibonacci 61% 1-month.
The Cryptocurrency Confluence Detector indicates that:
At press time, bullish cryptocurrencies such as EOS are trading at $3.75, Litecoin at $49.23, Stellar is sitting at $0.088, IOTA is at $0.305, Dash is at $86.03 and Maker is changing hands at $645.77 – according to coinmarketcap data. The entire Market Cap: $133,514,865,680.
Generally, the overview indicates a buoyant and positive picture for cryptocurrencies and a boom in the market.