Levels to watch as Binance suspends withdrawals

  • Cryptocurrencies have suffered a downward correction after surging beforehand.
  • Binance has temporarily suspended withdrawals of Bitcoin and Ethereum due to high network congestion.
  • Elon Musk’s influence on digital coins and a broad risk-off sentiment are both weighing on markets.
  • Here are the next levels to watch according to the Confluence Detector.

“Seems high” – Elon Musk, in a tweet referring to Bitcoin and Ethereum has been putting pressure on the whole crypto-verse. Even without comments by the founder-billionaire of Tesla, profit-taking was due after BTC hit a valuation of $1 trillion and other cryptos went too far, too fast. 

Another development that is weighing on cryptos is the announcement by Binance that it has temporarily suspended withdrawals due to “high network congestion.” 

The third factor is a broader market sell-off affecting stocks and other assets. How are the top digital assets positioned on the technical charts? 

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

BTC/USD faces fierce resistance at $55,300

Bitcoin has some support at around $52,200, and then at around $48,500. 

BTC/USD faces strong resistance at around $55,300, and to a lesser extent at $56,500. 

ETH/USD capped twice

Ethereum has noteworthy support only at around $1,660. 

ETH/USD faces resistance at $1,758, and then at $1,780 – two layers of resistance.

XRP/USD well placed to recover 

XRP/USD has strong support at around $0.5430, and then at $0.5185, amid many other shock absorbers. 

Substantial resistance awaits Ripple only at $0.6050.

See all the cryptocurrency technical levels.