Bitcoin price prediction: What next after testing key resistance? Confluence Detector


  • Millennials show a willingness to embrace digital assets and shun traditional forms of investments.
  • Bitcoin is only one major resistance away from hitting the psychological $11,000.

Bitcoin price has been lethargic in its trading since Friday last week. At attempt to stay above $10,400 resistance was met with rising selling pressure. Bitcoin also tested $10,600 before sliding back in the range between $10,200 and $10,400. Following the failed attempt to clear the resistance towards $10,600, many analysts believe that only a lower correction will give Bitcoin the strength it requires to rise above the psychological $11,000 level.

Meanwhile, a recent survey has revealed that wealthy millennials are putting their money in Bitcoin. The research conducted the United Kingdom law firm Michelmores and Comres showed that all of the 501 interviewed participants had acquired at least $25,000 of the leading cryptocurrency. According to the Senior partners ay Michelmores, Andrew Oldland QC:

“The survey result that 20% of those interviewed have invested in cryptocurrencies contrasts with a recent survey by the FCA which suggested a figure of 3% across the general population.

This suggests a willingness amongst millennials to move away from traditional forms of investment and to embrace new technologies, almost regardless of the risks – perhaps part of a new identity for a new generation.”

Bitcoin confluence levels

Bitcoin continues to lag breakout above the main resistance at $10,349. The clusters of indicators converging here consist of the previous low 15-mins, 61.8% Fib level, SMA 5 15-mins, SMA 100 one-hour, Fibonacci 38.2% daily and the previous high 15-mins among others.

fxsoriginal

Trading above this level is likely to open the path towards $11,000. Besides the weak resistance at $10m456 and $10,563, the rest of the path to $11,205 is quite smooth. However, the downside is characterized by scattered weak support areas. The only strong support level is $10,242 and, therefore, it essential that the buyers push BTC above the main resistance to avoid a possible slide to the $9,000 range.

 

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

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP