Bitcoin Price Top Prediction: As Nouriel Roubini sees a critical role, target is $6,643 – Confluence Detector
Nouriel Roubini, also known as Dr. Doom, warned about the 2008 Global Financial Crisis. He now warns about one coming in 2020 and sees a critical role for Bitcoin. The cryptocurrency will be used by institutional investors as an alternative store of value as trust in other assets will fall. Where next for the BTC/USD?
The Technical Confluence Indicator shows that Bitcoin is currently in a zone between $6,460 and $6,501. The area is the confluence of mid-ranking technical levels such as the Simple Moving Average 5-4h, the Bollinger Band 15m-Upper, the SMA 100-1h, the SMA 200-15m, the SMA 50-1h, the BB 4h-Middle, the SMA 5-15m, the SMA 5-1h, the Fibonacci 23.6% one-week, the Fibonacci 61.8% one-day, the BB 1h-Lower, and the BB 15m-Lower.
Lower, the BTC/USD enjoys support at $6,421 which is the confluence of the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week, and the 4h-low.
Looking up, the first target is $6,602 which is the Fibonacci 38.2% one-month and last week's high.
The bigger target is $6,643 which is where the Fibonacci 161.8% one-day, the Pivot Point one-day Resistance 2, and the SMA 200-4h.
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.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
