After a week of gains, cryptocurrencies are struggling again. A natural correction is obvious after a frantic week that was marked with remarkable increases. But where do a common drop end and a new downfall start? The Confluencer Indicator tool will assist us to solve this question.
For Bitcoin (BTC), we can see that its support lies at the $6386 mark, where the convergence of these lines is imminent: The Pivotal Point one-day Support 3, the Fibonacci 61.8% one-week, the 4th low, and the Bolinger Band 15m Lower.
For BTC/USD pair to regain its upward trend again, it must exceed the $6600 zone where a congestion of Fibonacci 23.6% one-day, the Simple Moving Average 50-one-hour, the SMA 200-15m, the Fibonacci 38.2% one-month, and the Fibonacci 38.2% one-day.
Ethereum (ETH) seems to be in a deep agony. The second-ranked cryptocurrency in terms of market capitalization must realistically overcome the $211 zone where we observe the Simple Moving Average one-hour, the Pivot Point one-month Support 1, and the 15m high. Close by, an even stable capitalization lingers. The $215 level is the confluence of the BB one-day Middle, the Fibonacci 61.8% one-week, and the SMA 50-15m.
It does not stop there: $230 is the converging point of the Fibonacci 23.6% one-day, the SMA 10-4h, and the Fibonacci 38.2%.
Ripple (XRP) Analysis
Lastly, XRP appears to enjoy accommodative conditions. The coin that recently beat ETH in terms of market cap for some hours, is reinforced at $0.4571. This is where the PP one-day S1, the SMA 10-1h, and the 4h high coverage converge. More support of XRP lies at $0.45. this is the converging point of the PP one-month R1, the SMA 15m, and the BB 4h-Lower and 15-Middle.