Cryptocurrency Market Update: Bitcoin is one bump away from $10,000 - Confluence Detector

Price movement for the majority of cryptocurrencies has been mundane. The drab movements come after a rewarding weekend session where most cryptoassets in the leadership of Bitcoin achieved new yearly highs. Bitcoin sprung upwards almost crossing the bridge at $10,200. Ethereum stepped above a couple of key hurdles at $230 and $240. The third-largest digital asset aimed towards $0.30 but hit a wall short of $0.29.

Industry updates

The co-founder of Fundstrat Global Advisors, Tom Lee in his latest prediction, sees Bitcoin surge to highs of $40,000. Compared to the growth in the US securities market, Lee said that Bitcoin has the potential to beat Dow Jones possible rally to $30,000, where it will fast-track the gains to $40,000.

Litecoin partners with Cred

The Litecoin Foundation has started a collaboration with a fintech startup referred to as Cred to bring a ray of financial services to the coin’s holders. Cred is known for its services as a crypto lending platform. Although based in California, Cred has presence in at least 190 countries around the world.

The partnership will see holders of LTC earn upton10% in interests on the cryptoassets they hold via all Cred’s partners. Some of the partners include the Litecoin Foundation, Bitcoin.com, BitBuy, and Uphold. Alan Austin, a director at Litecoin Foundation said in regard to the partnership:

 In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case. We are excited to be working with Cred to provide this offering.

Bitcoin confluence levels

Bitcoin appears to be gaining momentum towards $9,800 after defending the support at $9,700. The bulls need to be ready for the resistance anticipated at $9,938 by the confluence detector tool. Some of the indicators marking the resistance in this zone are the SMA100 1-hour, the Bollinger Band 1-hour upper, the 38.2% Fibo one-day and the BB 4-hour middle. If cleared, Bitcoin could eventually gain the momentum towards $10,000 in readiness for a second assault on $10,200.

Support is expected at $9,734 as highlighted by the 23.6% Fibo weekly, the previous low 4-hour, and the Bollinger Band 15-mins lower. Other key support areas range from $9,632, $9,022 and $8,615.