Ripple is on fire, enjoying a spectacular recovery. There are three levels for the 40% jump, and the move may not be over just yet. What levels should we watch?
The Technical Confluence Indicator shows that an initial target is at $0.4817 which is the convergence of the four-hour high, the Bolinger Band 15-Upper, and the 1h-high. However, this is a weak line of resistance.
The next level to watch is $Â 0.4985, just under the round fifty cent level, where we note the one-day high. The top target is $Â 0.5252Â which is the Pivot Point one-day Resistance 1.
Looking down, robust support awaits at $Â 0.4576Â which is the confluence of two considerable technical lines: the Bolinger Band 4h-Upper and the Fibonacci 23.6% one-day.
Another cushion is at $Â 0.4479Â where we see the Pivot Point one-month Resistance 1, the BB 15m-Lower and the Simple Moving Average 50-15m.
All in all, the path of least resistance is up. Support is stronger than resistance.Â
​​​​​​Technical Confluence Indicator
Here is how it looks on the tool:
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
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This tool assigns a certain amount of “weight†to each indicator, and this “weight†can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted†levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Learn more about Technical Confluence
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