Bitcoin price prediction: One more hurdle and BTC/USD rallies above $11,600 – Confluence Detector


  • The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse.
  • Bitcoin price hovers above $10,000 although upside movement is extremely limited.
  • Bitcoin is expected to sharply correct upward following a break above the main resistance at $10436.

The cryptocurrency market is mixed red and green. Bitcoin is struggling to correct the negative retracement on the day after sliding 0.54%. Ethereum and Ripple are slightly bullish posting minor gains on the day. The selected cryptoasset leading the recovery on Tuesday is Litecoin which is up 2%.

The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse in readiness for Bitcoin futures. The announcement made on Monday via Twitter said that “Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy.” The exchange is set go live with physically settled Bitcoin futures on September 23.

Bitcoin price technical picture

fxsoriginal

Bitcoin price hovers above $10,000 although upside movement is extremely limited. As to whether to the launch of the physically-delivered Bitcoin futures will result in improved Bitcoin performance is a situation that will wait to be seen.

However, the confluence detector tool places the first resistance at $10,329. There is a cluster of indicators at this level including the SMA 15-mins, previous high 15-mins, SMA 5 1-hour, Bollinger Band 15-mins Upper, SMA 100 15-mins, BB 1-hour middle among others.

Read also: Bitcoin will “be over $20k by year-end” predicts ShapeShift CEO Erik Voorhees

Trading above this level should be a call for celebration as when glancing the reinforced resistance must be dealt with at $10,436.78. Converging here to from the confluence is the BB 4-hour middle, Fibonacci 38.2% 1-week, SMA 5 daily, SMA 50 daily, SMA 200 1-hour and SMA 100 1-hour among others.

We can expect impressive performance for Bitcoin following a break above $10,436.78. However, minor resistances are visible at $10,864, 10,970, 11,078 and $11,612.41.

Towards $10,000 the only viable support area is $10,223. Highlighted here is the Bollinger Band 1-hour, previous low 4-h BB 15-mins lower and SMA 100 daily among others. The other slightly stronger support zones are $10,009, $9,688 and $9,368.

More confluence levels

 

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