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: BTC/USD revives the uptrend – Steps above $9,500

BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. 

More Bitcoin News

Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers

Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. 

More Ripple News

Retail Investors Can Now Bet on Bitcoin Hitting $100,000 by 2020

This bullish bet on Bitcoin is the first crypto derivatives product open to mom and pop investors since LedgerX sealed approval from the U.S. Commodity Futures Trading Commission (CFTC) to serve as a designated contract market for clients of any size, as Cointelegraph reported in June. 

More Bitcoin News

Bitcoin Cash market update: BCH/USD edges its way towards $300

Bitcoin Cash is revamping the uptrend after falling victim to selling pressure for the second time in the same week. The initial drop towards the end of the last week culminated in a dive under $300 on Monday this week. 

More Bitcoin Cash News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP