Bitcoin and other cryptocurrencies were stuck from around two weeks of very little movement. The dearth in action ended and with a victory for the bears. The BTC/USD dropped to the downside. What’s next? Bulls have a clear level of resistance to overcome.
The Technical Confluence Indicator shows that the digital currency is trading around the pivotal $6,275 level which is the convergence of the Bollinger Band one-hour Lower, the Simple Moving Average 10-15 minutes, and the previous 4-hour low among others.
Emerging from this area will open the door towards the round $6,300 level where we see the confluence of the Simple Moving Average 5-one-hour, the Pivot Point one-week Support 2, and the Bollinger Band 15m-Middle.
The most significant resistance line is around $6,360 which is the meeting point of last week’s low, the Pivot Point one-month S1, the SMA 10-1h, and the Pivot Point one-week S3.
Looking down, further support awaits at $6,248 where the Pivot Point one-month Support 3 awaits the BTC/USD.
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.
