RATE Group | BTC/USD upside capped by one paramount resistance – Confluence Detector
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BTC/USD upside capped by one paramount resistance – Confluence Detector

20 Jan BTC/USD upside capped by one paramount resistance – Confluence Detector

Posted at 10:05h in Bitcoin News by

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  • Bitcoin is battling the key resistance at $8,696 in the fight to return to levels above $9,000.
  • Bitcoin faces a situation of scarce support areas; forcing the buyers to defend the $8,600 support at all costs.

The crypto market has once again started the week in the red. The drab action comes after a very fruitful weekend that saw Bitcoin rise above $9,000. The entire market also corrected upwards on Sunday. However, Bitcoin established a new January high at $9,184 before reversing back into the $8,000 range. The support at $8,500 came in handy, allowing the buyers to push for gains above $8,600.

Bitcoin confluence levels

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Confluence levels help to identify resistance and support levels that are valuable in trading. The daily confluence detector places the initial and the most significant resistance at $8,696. Various indicators converge at this point including the SMA ten 15-minutes, SMA ten 1-hour, SMA five 4-hour, Bollinger Bans 15-mins upper, previous…

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