Bitcoin price prediction: BTC/USD short-term future is bright with the impending surge above $11k-Confluence Detector
|- Bitcoin price soared to a five-day high following the recovery staged over the weekend.
- The confluence detector places the first resistance at $10,439.
Facebook continues to sweat due to the regulatory blowback on its crypto project Libra. A United States delegation led by Congresswoman Maxine Waters to Switzerland returned with their doubts regarding Libra not cleared. Waters is the chair of the House Financial Services Committee. She and six other members attended meetings with regulators in Switzerland last week to try and understand the scope of Libra. Note that the Libra Association has its headquarters in Switzerland.
Read also: BitMEX’s $52 million Bitcoin shorts liquidation spooks traders
Bitcoin immediately retreats from a five-day high
Bitcoin price soared to a five-day high following the recovery staged over the weekend. A brief surge graced the crypto market with gains from $9,906 to intraday high at $10,676. The move saw drastic that it carried the entire market with it. Ethereum zoomed to highs marginally below $195 while Ripple above the stubborn resistance at $0.28.
Bitcoin confluence levels
After conquering the barrier at $10,223 (currently a support area), Bitcoin scaled the levels almost completing the leg to $10,700. However, the momentum ran out of gas marginally below $10,700. For now, the price is still bullish in spite of the correction from the highs achieved on Monday. The confluence detector places the first resistance at $10,439. The various indicators converging here are the Bollinger Band 15-mins upper, previous high 15-mins, previous high 1-hour and the previous high 4-hour.
Trading above $10,439 hurdle is key for the next leg towards $11,000. However, several mild resistance zones must be cleared including $10,655, $10,871.
On the downside, we can expect declines to find support at $10,223: SMA 100 15-mins, SMA 5 4-hour, and BB 1-hour Middle. In case of a stronger reversal, traders must stay alert for these minor support levels: $10,115, $10,007, $9,899 and $9,467.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.