Bitcoin Price Prediction: BTC/USD needs to crack $10,700 to resume the bullish rally – Confluence Detector
- Bitcoin has been extending its gradual decline but still enjoys substantial support.
- BTC/USD needs to break above $10,700 to unleash the next phase of the rally.
- Here are the next levels to watch according to the Confluence Detector.
Bitcoin has taken a breather from its wild volatility and had a quiet weekend – in relative terms. As the new week begins, BTC/USD has been ticking down but remains shy of the trough of $10,300 it hit just after topping $14,000.
Setting a lower high is a bullish sign – but the granddaddy of cryptocurrencies must surpass a critical barrier to the upside.
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin faces critical resistance at $10,700 which is the convergence of the Bollinger Band 1h-Lower, the previous daily low, the Simple Moving Average 5-15m, and the BB 4h-Lower.
If it breaks above this critical level, there are a few caps awaiting it on the upside but substantial resistance is only at $11,400 where we see the confluence of the BB 1h-Upper and the Fibonacci 38.2% one-month.
The next upside target is $11,800 where we note the meeting point of the Pivot Point one-day Resistance 1 and the SMA 5-1d.
BTC/USD enjoys support at around $10,500 where it enjoys a cluster including the PP 1w-S1, the SMA 100-4h, and the previous hourly low.
Further down below $10,300, $9,930 is where the Fibonacci 61.8% one-month meets the price.
See all the cryptocurrency technical levels.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
