Bitcoin price analysis: BTC/USD only a bump away from $11,000 milestone – Confluence Detector
|- The struggle at $9,800 paved the way for a mega boost towards $10,200.
- Bitcoin is immensely supported; higher consolidation above $10,000 in the near-term.
Bitcoin price hovers above $10,000 following the price action from the support at $9,000. The struggle at $9,800 paved the way for a mega boost towards $10,200. At the time of writing, BTC/USD is trading at $10,037 with its immediate downside anchored by the 100 Simple Moving Average (SMA) 1-hour.
On the other hand, the confluence detector tool points the first resistance at $10,061. The two technical indicators forming the confluence at this level are the 23.6% Fibonacci retracement level k 1-M and the Bollinger Band 15-mins upper. The right above this resistance area will be relatively smooth with mild hurdles at $10,155, $10,217, $10,280 and the significantly stronger seller congestion zone at $10,343.
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As far as support is concerned, initial support is seen at $10,029 where sideways trading is expected in the near-term. Some of the indicators hosted here are the SMA 5 15-mins, Previous High 1-hour, and the previous high 15-mins.
The confluence detector shows an asset that has immense support. This means that any downward movement would be met by greater buying pressure as bulls seek to buy at lower levels. Apart from the above support, traders need to be on the lookout for areas such as $9,998, $9,935, $9,841, $9,810 as well as $9,747.
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