Bitcoin Price Prediction: Difficult levels are overcome in the short term, but nothing is certain for the next sessions
- The BTC/USD left the intraday highs at $6,834, slightly below the R1 level of Daily Pivot Points.
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The short-term uptrend needs to conquer the $7,000, just above the 61,8% Fibo retracement on a weekly basis.
Bitcoin moves above the $6,700 level where it finds some support levels such as the Fibonacci retracement level of 23,6% of all the yesterday’s move, or the 10 periods Simple Moving Average in a daily basis. More significant support is are already further down and provides a second ground line if needed. Among them, the Fibonacci retracement of 23,6% on a weekly basis or the S1 line of the Pivot Point Calculation for yesterday´s close.
Above the current price, the BTC/USD will find medium resistance between the $6,749 level (like some Bollinger Upper and Lower bands in 15 minutes) and the $6,796 level where yesterday´s highs and the 4 hours high can be difficult to overcome.
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.
