Nouriel Roubini, also known as Dr. Doom, warned about the 2008 Global Financial Crisis. He now warns about one coming in 2020 and sees a critical role for Bitcoin. The cryptocurrency will be used by institutional investors as an alternative store of value as trust in other assets will fall. Where next for the BTC/USD?
The Technical Confluence Indicator shows that Bitcoin is currently in a zone between $6,460 and $6,501. The area is the confluence of mid-ranking technical levels such as the Simple Moving Average 5-4h, the Bollinger Band 15m-Upper, the SMA 100-1h, the SMA 200-15m, the SMA 50-1h, the BB 4h-Middle, the SMA 5-15m, the SMA 5-1h, the Fibonacci 23.6% one-week, the Fibonacci 61.8% one-day, the BB 1h-Lower, and the BB 15m-Lower.
Lower, the BTC/USD enjoys support at $6,421 which is the confluence of the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week, and the 4h-low.
Looking up, the first target is $6,602 which is the Fibonacci 38.2% one-month and last week’s high.
The bigger target is $6,643 which is where the Fibonacci 161.8% one-day, the Pivot Point one-day Resistance 2, and the SMA 200-4h.
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.
