Bitcoin Price Prediction: BTC/USD consolidates gains above $10,100 – Confluence Detector
|- Bitcoin rises above $10,100, achieving new 2020 highs at $10,174.
- Bitcoin bulls look forward to breaking past the resistance at $10,200 in order to launch the second leg towards $11,000.
Bitcoin price has advanced from $9,904 (opening value on Sunday) to $10,174 (intraday high). Following an adjustment to 10,138 (market), Bitcoin has grown 2.36% on the day. The main resistance in the short term is $10,200 and if broken, Bitcoin could finally relaunch the recovery towards $11,000.
Bitcoin confluence levels
The surge above $10,000 has brought Bitcoin back to the trajectory targeting 2019’s high around $13,800. However, the confluence tool places the medium-strong resistance at $10,159 highlighted by several indicators including the Bollinger Band 15-minutes middle, the previous high 15-mins, the pivot point one-day resistance two and the BB 15-minutes upper. In case the price gains momentum and rises above $10,200, resistance at $10,369 will stand in the way of more bullish action.
As far as support is concerned, the initial support calls $9,949 home in the company of the SMA100 15-mins and previous high one-day indicators. The strongest and most significant support is observed at $9,634. The pivot point one-day support two, the Bollinger Band 4-hour lower, previous month high and the Fibo 38.2% one-week converge in the support area.
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