Bitcoin is rallying on the rise for the fourth consecutive day, initially boosted by Blackrock, then by IBM's experiment with stablecoin, and also with Mastercard's crypto patent. What levels should we eye?
The Technical Confluence Indicator shows that the $7,545 level is the first hurdle, being the convergence of the four-hour high and the all-important Pivot Point one-month Resistance 1.
Next, $7,643 is the confluence of the Pivot Point one-day Resistance 1 and the Simple Moving Average 100-one-day.
The ultimate target in the short term is $7,952 which is the Pivot Point one-day Resistance 2.
Looking down, support awaits at $7,389 is the meeting point of the Pivot Point one-week Resistance 3, the Bolinger Band 15m-Middle, the Simple Moving Average 5-1h, and the SMA 10-1h.
It is followed by $7,265 where the Fibonacci 161.8% one-week, the Fibonacci 23.6% one-day, and the Bolinger Band 15m-Lower converge. $7,161 is the Fibonacci 38.2% one-day, and $7,013 defends the round number with the powerful congestion of the Fibonacci 61.8% one-month and the Simple Moving Average 15m.
Here is how it looks on the tool:
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Learn more about Technical Confluence
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