Bitcoin Top Price Prediction: Upside targets after the Coinbase SEC news boost – Confluence Detector


Bitcoin is moving up after the news that Coinbase is eyeing an SEC license, strengthening the notion that the cryptocurrency has bottomed out. What are the next targets?

The Technical Confluence Indicator shows that the initial resistance awaits at the $7,750 level which is the convergence of the 1h-high, the 4h-high, the Fibonacci 23.6% one-month, the Pivot Point one-week Resistance 1, and the Pivot Point one-day Resistance 1.

Next up, the $7,965 number defends the round $8,000 level. It is the meeting point of the Pivot Point one-day Resistance 3 and the Pivot Point one-week Resistance 2. 

Yet the most prominent target is at $8,181 which is the confluence of the Fibonacci 38.2% one-month, a powerful line, and the Simple Moving Average 200-4h. Even higher, $8,301, $8,396, and $8,458.

On the downside, strong support awaits at $7,627 which is the congestion of the Simple Moving Average 100-1h, the one-week high, the Fibonacci 38.2% one-day, and the SMA 5-1d. Further down, the $7,412 price level is the convergence of the Bolinger Band 1h-Lower, the Fibonacci 38.2% one-week, and the Pivot Point one-day Support 2.

Here is how it looks on the tool:

BTC USD Technical confluence levels June 7 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.

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 & Analysis

Editors’ Picks

Two healthy support levels are keeping BTC/USD above $9,000

After three immensely bullish days, the bears stepped back in to correct the BTC/USD market. This Tuesday, the buyers spiked BTC/USD from $8,890 to $9,401, before the bears adjusted the price to $9,330.45 in the early hours of Wednesday.

More Bitcoin News

Ethereum Classic Price Analysis: ETC/USD breaks past $11.50-level

ETC/USD charted four straight bullish days to go up from $8.44 to $11.65, going past the $11.50-level, in the process. The last time ETC/USD was trending around this level was back in September 2018.

More Ethereum Classic News

XRP/USD must breach Ichimoku cloud to re-enter the $0.25 zone

This Tuesday, XRP/USD went up from $0.23 to $0.239 this Tuesday. However, the bears were able to take charge in the early hours of Wednesday and correct the price to $0.2387. To re-enter the $0.25 zone, the price must breach the red Ichimoku cloud.

More Ripple News

LTC/USD sustains gains within a rising channel, jumps above $60

Litecoin is among the cryptocurrencies struggling to sustain the gains accrued during the Asian session on Wednesday. The price zoomed past the $60 resistance towards the end of the Asian session on Tuesday. However, the momentum to the north ...

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP