Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bears return starting out a fresh week
- Bears are back amid a fresh selling wave across the crypto board.
- Bitcoin eyes Thursday’s low amid lack of healthy supports.
- Ethereum breaches key support, paving way for extra declines.
The most favorite crypto coin, Bitcoin, is battling $9000, having faced rejection at $9200. Ethereum is the main laggard among the top four cryptocurrencies on Sunday. Ripple keeps its range below $0.1800, as it remains on track for a 1.50% weekly loss. The total market capitalization of the top 20 cryptocurrencies now stands at 8.99 billion, as cited by CoinMarketCap.
The above widely traded coins are under pressure heading into a new week, with FXStreet’s Confluence Detector suggesting key support and resistance levels to watch out for.
BTC/USD: Sellers continue to lurk below 9200
Amid broader market weakness, Bitcoin continues to trade below the critical barrier at 9183, the confluence of Fib 61.8% 1D, Bollinger Band 1H Middle and SMA 200 1H.
The immediate hurdle above the latter is aligned at 9233, where Fib 23.6% on 1W, 1M and Bollinger Band 1H Upper intersect. Buyers will directly aim for the upside target of 9465, the convergence of Fib 38.2% 1M and Pivot Point 1W R2.
To the downside, the bulls should find minor support around 8950, Pivot Point 1D S3, Bollinger Band 1D Lower and Previous Week Low.
A failure to resist above the aforesaid support, the selling pressure will likely accelerate towards 8525 amid a lack of significant supports.
ETH/USD: Path of least resistance is to the downside
According to Ethereum’s near-term technical view, the ETH weakness is back in vogue after the bears cracked the 200-HMA support at 226.44.
The price has breached Thursday’s low of 223.31, as it tested the next support at 218, the Pivot Point Daily S3. Further south, 210 is the critical level, which is the Pivot Point S2 on weekly.
Alternatively, a cluster of resistances is stacked up at 228, which makes it an uphill task for the bulls to scale on any pullbacks. That level is the confluence of the Fibonacci 38.2% 1W, Bollinger Bank 4H Middle and Fibonacci 61.8% 1D.
XRP/USD: Battle lines well-defined, range play to extend
Ripple is ranging in a tight band around 0.1770 so far this Sunday, with the immediate upside capped at 0.1788, the major confluence zone of the daily high, Fib 38.2% 1W, SMA10 4H, Fib 61.8% 1D and SMA200 1H.
Bulls will continue to struggle on a break above the latter, a bunch of minor resistances aligned between 0.1790-0.1815 levels, where the previous day high, Fib 23.6% 1M, Fib 23.65 1W and Fib 38.2% 1D coincide.
The next significant resistance located at 0.1870, the convergence of the Fib 38.2% 1M and pivot point 1W R3, is the level to beat for the bulls.
To the downside, the bears challenge the key 0.0.1750 support, the intersection of Fib 61.8% 1W, previous year low and Bollinger Band 1H lower.
A break below the last would call for a test of a minor cushion at 0.1734 (previous week low). Further south, the 0.1697 will be on the sellers’ radar. At the level, the previous month low and pivot point 1W S2 meet.
See all the cryptocurrency technical levels.
