Bitcoin Top Price Prediction: Crypto-converted Jim Cramer sends BTC above major resistance, eyes high targets – Confluence Detector

Bitcoin and other cryptocurrencies are on the rise after Jim Cramer, an influential financial analysis on CNBC and a longtime crypto skeptic said that banks are pressured by digital assets. This bullish twist coming from a crypto bear sent the cryptocurrency above fierce resistance. Where can momentum take it next? 

The Technical Confluence Indicator shows that the digital coin faces an initial challenge at $6,755 which is the convergence of the 15m-high, the Fibonacci 161.8% one-day, and the Pivot Point one-day Resistance 3.

The next considerable technical level is the $6,975 which is the potent Fibonacci 61.8% one-week. The area around $7,200 is the meeting point of the all-important Pivot Point one-week and the Bollinger Band one-day Middle. 

On the downside, BTC/USD has serious support at $6,495 which is the Simple Moving Average 10-4h, the SMA 50-1h, the SMA 200-15, and the Fibonacci 38.2% one-day. 

This is closely followed by the major level Bitcoin broke: $6,456 which is the congestion of the SMA 5-4h, the SMA 50-15m, the SMA 5-1h, the Bolinger Band 1h-Middle, the SMA 10-1h, the 1h-low, the BB 15m-Middle, the Fibonacci 23.6% one-week, and the SMA 5-1d.

All in all, this is a major breakout, and the path of least resistance is to the upside. 

Here is how it looks on the tool:

Jim Cramer bitcoin rally June 18 2018 technical levels

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.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone

BTC/USD daily chart has gone up from 8.282.30 to $8,535 as markets opened this Tuesday. The price is currently consolidating in a flag formation, currently prepping itself for a potential breakout. The daily price chart is currently ...

More Bitcoin News

Ripple price analysis: XRP/USD treading in the confines of a rising channel

Ripple bulls have remained defiantly bullish since Monday. Despite the spectacular correction testing and failing to break above $0.30 hurdle, the price has been astonishingly bullish to stay above $0.29. 

More Ripple News

Stellar market overview: XLM/USD shoots up by 4.40% as bulls make merry

XLM/USD has gone up from $.0615 to $0.0642 so far today, rising by 4.40%. Stellar had found support on the upward trending line after falling to $0.0532 back on September 24. After two straight bullish days ...

More Stellar news

Tim Draper: Bitcoin will change how Governments operate

Tim Draper, a popular venture capital investor, stated that he expects Bitcoin (BTC), among other technologies, to change how governments function worldwide. In a recent medium post, Draper calls Bitcoin “the startup currency” ...

More Cryptocurrencies News


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