Bitcoin continued its gradual climb over the weekend, extending the recovery. So far, the moves have been steady-handed. We recently learned about Assembly Bill 2658, a draft law that seeks to amend California’s laws to create the grounds for the implementation of crypto-related technologies has been passed by the state’s legislature. Can ot boost the BTC/USD into overdrive? A lot depends on the technical levels.
The Technical Confluence Indicator shows that Bitcoin faces a significant congestion of resistance levels at $7260 were we see the Simple Moving Average 100-15m, BB 15m-Upper, the Fibonacci 38.2% one-day, the 4h-high, the BB 1h-Middle, the SMA 10-1h, the SMA 10-4h, the Pivot Point one-week Resistance 1, and the SMA 50-15m.
The next target above is $7,340 which is the one-day high and the BB one-day Upper. There are very few distinct lines above, but the next goal would be the $7,464 level which is the Pivot Point one-week Resistance 2 and the PP one-day Resistance 2.
Immediate support awaits at $7,216 which is the meeting point of the BB 15m-Lower, the 1h-Low, the Fibonacci 61.8%, the SMA 200-15m, and the SMA 50-1h.
Lower, $71,58 is the meeting point of last month's high, and it is backed up by the BB 4h-Middle, and the one-day low.
Click to see the Full Confluence Indicator
Here is how it looks on the tool:
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.
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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.
Learn more about Technical Confluence
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