BTC/USD Price Prediction: Bitcoin has clear path for rapid growth as hash-rate reaches 4-month high - Confluence Detector

  • BTC/USD has a clear path till $4,500 if bulls can get over the resistance at $4,075.
  • Bitcoin hash rate surge past 52 quintillion hashes per second which is a 4 month high.

BTC/USD has a clear path to $4,500 as per the daily confluence detector. The bulls only need to get over the resistance level at $4,075. There is a lot more optimism in the market as Bitcoin’s hash rate surged past 52 quintillion hashes per second which is a four-month high. Since mining difficulty has changed little for the last month or so, new miners have had a far easier time.

Casa CTO Jameson Lopp tweeted:

“Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn't simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”

BTC/USD daily confluence detector

The only significant level of resistance lies at $4,075 which has a confluence of - 10-day simple moving average (SMA 10), 15-min previous high daily Bollinger band upper curve, hourly Bollinger band upper curve, hourly previous high, 15-min Bollinger band upper curve, 4-hour previous high, and daily previous high.

There are multiple levels of support which lie at $3,975-$4,025, $3,960, $3,850, and $3,745. The confluences at those levels are:

  • $3,975-$4,025: 15-min Bollinger band lower curve, hourly previous low, SMA 50, daily 38.2% Fibonacci retracement level, SMA 10, 4-hour Bollinger band upper curve, daily 23.6% Fibonacci retracement level, SMA 5, 15-min Bollinger band middle curve, 15-min previous low, SMA 50, SMA 200, daily 61.8% Fibonacci retracement level, weekly 161.8% Fibonacci retracement level, weekly pivot point resistance 2, hourly Bollinger band middle curve, 4-hour previous low, hourly Bollinger band lower curve, daily pivot point support 1, and monthly 23.6% Fibonacci retracement level.
  • $3,960: SMA 10, daily pivot point support 2, SMA 200, SMA 50, and 4-hour Bollinger.
  • $3,890: Monthly 38.2% Fibonacci retracement level, weekly 61.8% Fibonacci retracement level, and daily Bollinger band middle curve.
  • $3,825: Weekly 23.6% Fibonacci retracement level and weekly pivot point support 1.
  • $3,745: Daily Bollinger band lower curve, SMA 50, and weekly pivot point support 2. 

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

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast