Holding onto to these support lines is key for the next bullish rally – Confluence Detector

  • Cryptocurrencies have suffered a blow with Bitcoin dropping temporarily below $500.
  • All top three digital coins need to cling onto support lines in order to consolidate and resume the rally.
  • Here are the levels to watch according to the Confluence Detector.

After finding at least seven reasons for the surge, cryptocurrencies consolidated on higher ground and recently suffered a blow. Is this a continuation of the correction or perhaps a worrying change of course? 

This looks more like a correction, but to convince the skeptics, digital assets need to hold onto critical support lines, until the next 

This is what the Crypto Confluence Detector shows in its latest update:

BTC/USD needs to hold onto $5,019

Bitcoin, the grandaddy of cryptocurrencies, has managed to bounce back above $5,000 quite quickly and needs to hold onto $5,019 where we see the convergence of the Simple Moving Average 10-1d, the Pivot Point one-day Support 2, the previous 1h-low, the Bollinger Band…

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