Bitcoin Price Top Prediction: Levels to watch ahead of the crucial Direxion ETF – Confluence Detector


Bitcoin prices have stabilized as tension rises towards the updated SEC deadline to approve or disapprove the request from Direxion for a Bitcoin Exchange Traded Fund (ETF). This could be a make or break moment for the granddaddy of digital coins. The deadline is on September 21st and the announcement could come at any moment. See the three scenarios for the event. What levels should we watch?

The Technical Confluence Indicator shows that the BTC/USD is currently trapped around $6,324 which is a dense cluster that consists of the Simple Moving Average 50-one-hour, the SMA 10-15m, the SMA 5-15n, the Fibonacci 38.2%, the SMA 100-15m, the Bolinger Band 15m-Middle, the Fibonacci 23.6% one-month, the SMA 50-15m, and more. 

Looking up, the first target is $6,422 where the Fibonacci 38.2% one-week, the SMA 5-one-day, the SMA 100-1h, the SMA 50-4h, the SMA 200-one-hour, and the Pivot Point one-day converge.

The next stop is $6,481 where we see the confluence of the Fibonacci 23.6% one-week and the PP one-day R2. Further above, $6,560 is the meeting point of the PP one-day R3 and the SMA 4h. 

Looking down, there is some support at $6,225 where we see the PP one-week S1 and the one-day low converge. Stronger support is at $6,146 which is the meeting point of last week's low, last month's low, and the Fibonacci 161.8% one-day.

​​​​​​Click to see the Full Confluence Indicator

Here is how it looks on the tool:

Bitcoin confluence levels September 19 2018

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.


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto , and our FXStreet Crypto Trading Telegram channel


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

More: Latest cryptocurrency news

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Forecast: BTC downside capped at $9,700

BTC has flashed a buy signal in the 12-hour chart. Bitcoin has dropped from $11,085 to $10,265 over the last five days, falling below the symmetrical triangle formation in the process. This Wednesday, the price tumbled ...

More Bitcoin News

Ethereum closer than ever to ETH 2.0 with Spadina Launchpad live on September 29

The main idea behind the Eth2 upgrade is the shift towards a PoS consensus algorithm as the current Proof-of-Work algorithm is energy-intensive and not sustainable in the long-run. Additionally, ETH's current speed ...

More Ethereum News

Tron Technical Analysis: TRX downside capped at $0.024

TRX is priced around $0.025 as the bears managed to eke out an advantage this Wednesday. Over the last three weeks, the price has dropped from $0.04 to $0.025, charting a 37.5% drop in valuation.

More TRON news

Bitcoin SV Price Analysis: BSV stands at a crucial breaking point of its future trend

Bitcoin SV is still one of the biggest cryptocurrencies globally, currently ranked 11th by market capitalization and ignoring the criticism from the community. Several major exchanges ...

More Bitcoin SV News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP