RATE Group | BTC/USD bulls on the charge as the daily confluence detector shows lack of resistance le…
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BTC/USD bulls on the charge as the daily confluence detector shows lack of resistance le…

20 Aug BTC/USD bulls on the charge as the daily confluence detector shows lack of resistance le…

Posted at 01:17h in Bitcoin News by

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  • BTC/USD is currently priced at $10,900 as bulls aim $11,000 return.
  • Healthy support stack lies between $10,775-$10,825.

After two straight bullish days, BTC/USD has had a bearish start to Tuesday. Currently, the crypto asset is trading for $10,900. However, the overall sentiment looks overwhelmingly bullish as the daily confluence detector shows a lack of any resistance levels. This Monday was exceptionally bullish as BTC/USD flew from $10,335 to $10,930. The hourly breakdown for Monday shows that the price went up to $10,734.50, where it met resistance and trended horizontally for a bit. After that, BTC/USD went up further to $10,900.

Daily confluence detector

fxsoriginal

There is a healthy support stack between $10,775-$10,825 which sees a confluence of the 10-day simple moving average (SMA 10), SMA 50 and 1-week Fibonacci 61.8% retracement level. $10,675 support level has the 1-month Fibonacci 38.2% retracement level and 4-hour previous low.
 

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