- 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.
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