- The crypto market flashes red when there is no weekend love.
- BTC sellers remain lurking around $ 10,800 for the fourth straight day.
- Ethereum is the week's worst performer against Bitcoin and Ripple.
The most popular crypto coin, Bitcoin, continues to be rejected at around 10,800 levels while trading around $ 10,650 after briefly surpassing $ 10,600. Ripple is the main lag compared to its counterparts Bitcoin and Ethereum this Sunday. However, on a weekly basis, Ethereum is performing worst with a decline of over 6%. The total market cap of the top 20 cryptocurrencies is now $ 341.64 billion, as reported by CoinMarketCap.
How are these three coins technically positioned to start a new week? Let's take a look at FXStreet's Confluence Detector tool to identify key levels of resistance and support.
BTC / USD: Bearish intact while below USD 10,833
Bitcoin holds the bottom spot as it battles key support in the $ 10,610 region where the previous day and month lows of Pivot Point 1D S1 coincide.
Should the above support give way, the next soft pillow could come into play at $ 10,450. This level is the convergence of the fulcrum 1D S1, Fib 38.2% 1W and SMA100 1D.
On the flip side, bullish momentum will only regain a firm break above the strong resistance of $ 10,833, which is the intersection of the previous day's high, Fib 23.6% 1D and SMA200 4H.
Buyers will then target the next relevant barrier at $ 11,150, the confluence of the SMA50 1D and Pivot Point 1W R1.
ETH / USD: The path of least resistance is down
Ethereum halted its three-day recovery mode after experiencing robust resistance at $ 362, the intersection of the previous day's high, pivot point 1M S1 and Fib 61.8% 1W.
An acceptance above the latter is critical to breaking the next significant barrier, which is at $ 365.50, the meeting point of the previous year's high, SMA100 4H and Pivot Point 1D R2.
On the flip side, a dense group of healthy support levels sits at $ 348, which is the convergence of Fib 61.8% 1D and the previous low at 4H.
The ETH bears will likely have a hard time expanding their control amid a stack of smaller support levels. Powerful support at $ 330 will likely limit the downside. This level is the confluence of SMA100 1D and Fib 23.6% 1W.
XRP / USD rebounds to $ 0.2400 but not out of the woods yet
Ripple tested SMA100 1D support near $ 0.2392 for the last few hours this Sunday. However, the XRP bulls struggled against control and hit the $ 0.2400 level again.
Coin # 4 is now facing immediate resistance at $ 0.2420 with the Fib 61.8% 1D overlapping the previous high at 4H. Further north, the daily high of $ 0.2448 could be at risk.
Should the renewed uptrend lose momentum, sellers could likely retest the daily low of $ 0.2374.
Acceptance below that cushion could open the bottom for the next significant support at $ 0.2345, which is the convergence of Pivot Point 1D S2, Fib 161.8% 1D and SMA5 1D.
See you all Technical levels of cryptocurrency.