- BTC/USD is looking to re-enter the $10,000 following the break above $9,500 level.
- The confluence detector tool shows the toughest hurdles having been pushed behind and turned into key support areas.
Bitcoin cleared a 40% selloff that had been holding the market hostage for more than 11 months to December 2018. In fact, BTC/USD is looking to re-enter the $10,000 following the break above $9,500 level. Bitcoin clocked in new 2019 highs at $9860.40 on Friday correcting over 40% of the crash from the all-time high around $19,665 traded in December 2017 to a low formed in December 2018 around $3,146.
At the time of writing Bitcoin is trading at $9,838, which is the highest level BTC has reached since May 2018. The current surge is happening coincidently with a rise in the price of gold. The two valuable assets up trending are in contraction to the divergence witnessed in the past seven or so months.
The confluence detector tool shows the toughest hurdles for Bitcoin having been left behind and turned into key support areas. According to the tool, the first resistance above the current value is $9,865 (sellers’ congestion zone). Several indicators converge here forming a confluence. Some of these include the SMA 5 15-mins, Pivot Point 1-D R2, Previous High 15-mins, Bollinger Band 15-mins upper and the previous 15-mins upper among others. While there exist several resistances they are not strong enough to prevent upside correction. BTC/USD only needs to break above $9,967 to open the road to $10,000.
As shared by Tyler, co-founder of Gemini exchange Bitcoin trading above $10,000 is a clear indicator that $15,000 is around the corner.
On the down, the strongest support is observed at $9,150 but higher support areas at $9,500 and $9,200 will try to stop declines in the event a reversal occurs. The confluence detector places the next resistance under $9,000 at 48,742.42.
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