Bitcoin price prediction: BTC/USD magnificent start of the week – Confluence Detector
|- Binance announces Venus; a Libra inspired cryptoasset.
- Bitcoin correction above $10,857 will remain largely undeterred until Bitcoin completes the leg above $11,500.
Bitcoin is trading relatively bullish in the new week’s first sessions. High buying pressure broke the confrontation between the bulls and the bears in the range between $10,260 and $10,435.
Meanwhile, in the crypto space, Binance has announced the development of a new stablecoin, Venus that resembles Facebook’s Libra. The exchange hopes that with its position in the crypto industry, it can shake the money transfer market dominated by traditional fiat systems. Venus was inspired by the regulatory embattled Libra. The launch of Venus intensifies the competition Libra will step into after its debut.
In other news, Japan’-s E-commerce giant Rakuten has finally launched Rakuten wallet. The new platform will offer spot trading starting with Bitcoin, Bitcoin Cash, and Ethereum.
Bitcoin price Confluence Levels
Although Bitcoin soared above $10,700 in the European session on Monday, the price has retraced to the current market value, $10,690. It is vital to note that BTC has the potential to reclaimed the position above $10,700. However, $10,746 is a hurdle what will have to be dealt with before tackling the strongest buyer congestion zone at $10,857.
The indicators converging at $10,746 range from the Bollinger Band 4-our upper, SMA 10 15-mins, SMA 5 1-hour, BB 15-mins Middle, previous high 15-mins and Pivot Point 1-Day R2 among others.
The Fibonacci 61.8% 1-week, SMA50 1-day, previous high 1-h, previous high 4-h and SMA 10 1-day all converge to create the confluence at $10,857.
On the brighter side, correction above $10,857 will remain largely undeterred until Bitcoin completes the leg above $11,500. However, $11,636 will introduce some struggle towards $12,000.
On the downside, the chances of a breakdown towards last week’s lows are very high. This is because the support levels available are scanty and not strong enough. Having said that, traders can take not of $10,524 as a viable support zone. Other support areas to look out for include $10,301, $10,079 and $9,857.
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