Contrary to other cryptocurrencies, Bitcoin held up quite well. The percentage of its market cap among cryptos has climbed over 50% over the weekend. What levels should we watch out for now?
The Technical Confluence Indicator shows that the BTC/USD is well-supported. The $6,360 area is the confluence of the Bolinger Band 15-Lower, the Simple Moving Average 5-4h, the Pivot Point one-month Support 1, and the SMA 100-15m.
This point can serve as a springboard. The first target is at $6,412 which is the convergence of the Fibonacci 23.6% one-day, the SMA 10-15m, and the SMA 50-15m. The next target is the $6,450 area which is the congestion of the SMA 5-1h, the Fibonacci 38.2% one-week, and the one-hour high.
Looking down, further support awaits at $6,289 which is the meeting point of the Fibonacci 23.6% one-week and the Fibonacci 61.8% one-day.
Support lines are stronger than resistance ones, indicating a potential for a bullish burst.
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.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto , nd 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Kraken to launch US-listed stock and ETF trading services after $30 million SEC settlement
/definition-of-etf-21007500_XtraSmall.jpg)
Kraken has indicated plans to diversify, with intentions to leverage the first-mover advantage towards ETF. Meanwhile, the crypto markets continue to appeal to the US SEC for a nod amid a long pile of applications already on the financial regulator’s desk.
Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC) is most likely to approve the trading of ETH ETFs in the next seven days.
Chainlink price might face a correction before it can climb back to 2023 highs
Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors. However, further gains from here on would warrant a market cooldown before the rally can continue.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC, ETH, XRP at catch 22 moment
Bitcoin (BTC) price is trying to lead the rest of the market into recovery. However, it faces a key obstacle, same case for Ethereum (ETH) and Ripple (XRP) positioning the top three cryptocurrencies in a muddle.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.