Bitcoin bull pump brushes shoulders with $3,700: Confluence Detector

Cryptocurrencies are making great strides following an elongated period of declines. The market has been experiencing low volatility with most of the movements being to the south. However, Bitcoin sprung up today hitting above $3,700. The bullish move has not been unique to Bitcoin as other cryptocurrencies reacted in the same way.

Litecoin, for instance, was the biggest gainer correcting from a low of $33 to a three-month high around $46.13. LTC market capitalization went up significantly to $2.5 billion backed by a 24-hour trading volume of $1.57 billion. Litecoin is currently the fourth largest cryptocurrency according to the data on CoinMarketCap.

Bitcoin price technical confluence levels

Bitcoin is seen trading at $3,628 minutes before the weekend session begins. It has added more than 8% to its value after opening the session of Friday 8 at $3,358.81. Bitcoin is immediately supported at $3,648.55 according to the confluence detector tool. The region is highlighted by the 15-minutes 5-day Simple Moving Average (SMA) and the 1 month 38.2% Fib retracement level. Bitcoin brushed shoulders with $3,700 earlier but corrected lower. If the bulls manage to sustain growth above this level, Bitcoin is inclined to continue making higher correction towards $4,000.

Meanwhile, the largest asset in the market is strongly supported at $3,422.06 which is the hourly 200-day SMA as well as the 4-hour 50-day SMA. Another support target is $3,346 close to the previous week low or January 2019 low.

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Litecoin bullish fireworks tower the crypto horizon as market adds $10 billion