RATE Group | The charts show a worrying picture, don’t be fulled by this stability
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The charts show a worrying picture, don’t be fulled by this stability

27 Nov The charts show a worrying picture, don’t be fulled by this stability

Posted at 20:30h in Bitcoin News by

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  • Cryptocurrencies are still looking weak.
  • The slightly lower volatility hides a worsening technical picture.

Cryptocurrencies look relatively stable after the recent crash seen on November 24th. What is the next direction?

The Confluence Indicator helps us answer the question, and the answer will not please the bulls.

Bitcoin dropped below $3,675, and this could prove critical. The line is the convergence of the potent Pivot Point one-month Support 1 and the Bollinger Band 15min-Middle. 

Some support awaits at $3,655 which is the Fibonacci 23.6% one-day, but if this is lost, the road is open to $3,523 which was yesterday’s low. The last line is the 14-month trough of $3,456. 

Looking up, resistance awaits at $3,700 where we see a cluster including the Simple Moving Average 50-15m, the previous hourly low, the Bollinger Band 1h-Middle, and the SMA 10-1h. 

See the Crypto Confluences Indicator live

Bitcoin technical confluence November 27 2018

Ripple also lost support, albeit at higher levels. At $0.3540 we find the…

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