Bitcoin price prediction: BTC/USD needs $10,200 to blast towards $11,000 – Confluence Detector


  • BTC/USD ability to trend to the next significant resistance at $10,788 depends on $10,263 hurdle being conquered.
  • Blockchain Capital’s Spewncer Bogart says that Bitcoin will, in the long run, become a safe haven.

A newly released research by Arcane Research says that Bitcoin dominance is at 90% and not 70% as has been widely accepted. The report is published by Forbes is causing quite a stir in the market. Besides, not long ago another research claimed that the majority of cryptocurrency exchanges exaggerate their reported trading volumes.

According to Arcane Research, market dominance cannot be accurately calculated while ignoring the liquidity of the asset, in this case, the trading volume.

More on that story:

In other news, the general partner at Blockchain Capital Spewncer Bogart says that Bitcoin will, in the long run, become a safe haven. He adds that Bitcoin is going to be worth more in the next five years compared to its value today.

Bitcoin confluence levels

Bitcoin managed to recover above $10,000 but the next hurdle at $10,200 remains unconquered. The confluence tool shows that Bitcoin is above the resistance at $10,053. This same level will now function as support. The various indicators converging at the zone include the previous high 1-hour, SMA 5 15-mins, previous high 4-hour, Fibonacci 23.6% 1-day and the previous low 15-mins.

BTC/USD ability to trend to the next significant resistance at $10,788 depends on $10,263 hurdle being conquered. Highlighting the confluence at $10,263 is the Fib 38.2% 1-day, SMA 50 1-hour, and the 200 SMA 15-mins. Both the SMA 50 daily and the 62.8% Fib level weekly form the resistance at $10,788.

On the downside, other support levels in line to cushion a potential drop are $9,948, $9,737 and $9,107.

fxsoriginal

More confluence levels

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD sandwiched between massive resistance and support levels

Bitcoin managed to have a bullish day after five straight bearish days. So far today, BTC/USD has gone up from $10,190 to $10,223.45. The hourly chart shows us that BTC/USD went up to $10,253.

More Bitcoin News

Ethereum price analysis: ETH/USD majestically breakouts, eyes set on $220

Ethereum has been among the best performers this week. The second-largest cryptocurrency with a market cap of $22.9 billion is changing the narrative by pushing altcoins in a bullish direction irrespective of Bitcoin’s downward trend in the last few days.

More Ethereum News

Ripple price analysis: XRP/USD re-enters the $0.30-zone

XRP/USD re-entered the $0.30 zone after having two heavily bullish days in a row. Over the last two days, Ripple has gone up from $0.261 to $0.306, charting a 17.24% growth in price. The 4H chart shows us that XRP/USD went up from $0.281 to $0.306.

More Ripple News

Bitcoin Cash technical analysis: BCH/USD manages a hattrick of bullish days

BCH/USD has managed to chart three straight bullish days in a row. Bitcoin Cash has gone up from $318.35 to $325.30 today. The market had a bullish breakout from the triangle formation and is trending above the SMA 200, SMA 50 and SMA 20.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP