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. “‹”‹”‹”‹”‹”‹Click to see the Full Confluence Indicator 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. Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto , and our FXStreet Crypto Trading Telegram channel 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 Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next WTI dips below $66 ahead of API data FX Street 4 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
