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Bitcoin, Ethereum and Ripple: Consolidation Plays Key Role for Price Increases

 Looking at the key developments of last week, the G7 meeting said the  Libra regulation should be stopped before it is launched. Bitcoin did not reach $ 11,000 and then consolidated over $ 10,500. Ethereum is likely to remain somewhere between $ 230 and $ 220 in the coming days. 
Compared to other weekends, the cryptocurrency market is quiet. There is no sudden movement. The only one is consolidation.

Two consecutive days, Calibra president David Marcus, before the US Senate and Congress, MPs Libra digital currency and Calibra to resolve concerns about the talks took place. Marcus outlined Facebook’s mission to the Libra project and did a great job, while the Senate was particularly skeptical.

Many Senate members think that Facebook’s history of data privacy violations, possible participation in US elections, and other regulatory violations can be repeated with Libra. Libra’s influence on global finance is largely based on the number of people who can adapt Libra as a currency.

At the last G7 Group meeting, LIBRA and cryptocurrencies were also discussed. The seven countries agree that the Libra will not be allowed to proceed until appropriate arrangements are made. In addition, finance ministers await Facebook’s disclosure of concerns regarding user privacy, data protection, and money laundering.

Important Levels in Bitcoin

Bitcoin is experiencing a relatively high rise this weekend. In addition to remaining above $ 10,500, the bulls are fighting to correct the 1.3% drop. An attempt was made to correct over $ 11,000, but it fell more than $ 11,134.

At the time of writing, Bitcoin faced resistance of $ 10,608, holding over $ 10,500, according to the merger detector. The 61.8% Fib retreat level points to several technical indicators that are currently approaching. In an upward movement, Bitcoin will face strong resistance at $ 10,708. If there is no resistance above this level, Bitcoin can seamlessly sail over $ 11,000.

On the downside, significant support has settled for $ 10,388. Other important levels that investors should pay attention to are the levels of $ 10,059, $ 9,840, $ 9,730 and $ 9,291.

Important Levels in Ethereum

The Ethereum is traded for $ 225 at the time of writing. According to the merger detector tool, the value is limited to $ 228. Ethereum is likely to merge between $ 220 and $ 230 in future sessions ahead of the new trading week. However, a break after $ 230 will face resistance of $ 235. Downside support is expected to be $ 221, $ 214 and $ 205.

Ripple Highlights

Among the top three cryptocurrencies, Ripple faces the toughest resistance. At the time of writing the initial resistance starting at $, 0.3282 will make corrections with varying technical levels. Further moves towards $ 0.4 have to overcome obstacles at $ 0.3431, $ 0.3500 and $ 0.3670.

Although Ripple has many obstacles to ascension, its support areas are almost equally present. First, $ 0,3227 is highlighted. The second support is at $ 0.3159, $ 0.3159, $ 0.3091 and $ 0.3056. Declines below $ 0.3000 will seek support at $ 0.2954, $ 0.2920 and $ 0.2886.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.