Top 3 coins daily confluence detector
- Open: $11,923,78
- Current Price: $11,396
BTC/USD sits on top of the $11,350 support line. This line is highlighted by the weekly Fibonacci 23.6% retracement level, monthly Fibonacci 61.8% retracement level and daily Pivot Point one support-two.
The stack of resistance between $11,550 to $11,650 has the daily Pivot Point one support-one, one-day Previous Low and weekly Fibonacci 61.8% retracement level.
- Open: $475.57
- Current Price: $439.40
ETH/USD lacks strong resistance levels on the upside. On the downside, we have a healthy support level at $402, which has the one-week and one-month Fibonacci 23.6% and 38.2% retracement levels.
- Open: $0.2953
- Current Price: $0.2759
XRP/USD has two strong resistance levels at $00.28 and $0.2935. The former has the one-week Fibonacci 61.8% retracement level, while the latter has the weekly Pivot Point one resistance-one and Previous Week high. On the downside, the $0.2565 has the weekly Pivot Point one support-one and the Previous Week low.
Did we fall for a proper bull trap?
1) Yesterday appears to have been a clear-cut demonstration of a bull trap, as #altcoin #FOMO‘ers were faked by a market-wide pump and dump. In the past 24 hours, though, the top 100 projects averaged a drop of -8.3% with only 9 of 100 in the green. $KSM (+10.2%) and $SRM (+7.2%) pic.twitter.com/SLD7ko528H
— Santiment (@santimentfeed) September 2, 2020
Bitcoin, Ethereum and Ripple all suffered greatly following positive starts this Wednesday. It definitely looks like the top 3 coins were used as a lure to bring in more buyers before they were unceremoniously dumped.