Top 3 Price Prediction Bitcoin, Ripple, Ethereum: New month, new gains?
A necessary correction – that is the best definition of what happened on April 30, which saw a setback after cryptocurrencies went too far, too fast. Nevertheless, holding onto most gains shows that the trend remains positive. Stock traders are all too familiar with wild movements at the end of the month, as money managers adjust their portfolios.
And now, May has begun and potentially promises a resumption of the upside. The vast amounts of money sloshing around financial markets – courtesy of central banks and especially the US Federal Reserve – may push traders toward digital assets.
How are the top three cryptos positioned? Bitcoin, Ethereum, and Ripple all need to surpass technical hurdles to unleash the upside.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD path of least resistance is up
Bitcoin is facing resistance around $8,840, which is the convergence of the Simple Moving Average 100-15m, the Fibonacci 38.2% one-day, the SMA 10-4h, and the Bollinger Band 15min-Upper.
The upside target is $9,480, which is the meeting point of the previous day’s high and the Bollinger Band 4h-Upper.
BTC/USD enjoys strong support at $8,703, which is the confluence of the Fibonacci 23.6% one-day, the BB 15min-Lower, the SMA 50-1h, the SMA 200-15m, and the Fibonacci 23.6% one-month.
Further down, another cushion awaits at $8,248, which is where the SMA 100-1h and the Fibonacci 38.2% one-month converge.
ETH/USD needs to break above $211
Ethereum is struggling around the $211 area, a dense cluster of lines including the SMA 100-15m, the BB 15min-Middle, the Fibonacci 161.8% one-week, the SMA 5-1h, and the Fibonacci 38.2% one-day.
The upside target for Vitalik Buterin’s brainchild is $227, which is where the Pivot Point one-week Resistance 3 and the previous daily high hit the price.
ETH/USD has some support at $204, which is the confluence of the SMA 100-1h and the Fibonacci 23.6% one-month.
Strong support awaits at $187, which is a juncture of lines including the PP one-day S2, the 100-day SMA, and the BB 4h-Lower.
XRP/USD battles $0.22
Ripple is battling $0.22, a dense cluster including the SMA 5-15m, the SMA 10-15m, the Fibonacci 23.6% one-month, and many more.
Looking up, the $0.2296 serves as the first target – it is the convergence of the 200-day SMA and the PP one-day R1.
The high target for XRP is $0.2432, which is where the Pivot Point monthly Resistance 1 meets the price.
Strong support awaits at $0.21, which is where the previous day’s trough converges with the SMA 5-one-day and the Fibonacci 38.2% one-month.
The are many support lines on the way down, and the strongest one is at $0.1940, where the Bollinger Band one-day Middle and the Fibonacci 61.8% one-meet up.
Source: fxstreet.com
