Bitcoin Blackrock breakthrough opens door to $7,000
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Bitcoin Blackrock breakthrough opens door to $7,000

The price of Bitcoin shot higher on the news that Blackrock, the investment tycoon, has  set a working group to see if cryptos have a potential. BTC/USD broke above key resistance levels that now turn into support.

The  Technical Confluence Indicator  shows that BTC/USD is well supported at $6,549  which is the convergence of the Fibonacci 61.8% one-week, the Simple Moving Average 5-1h, the Fibonacci 38.2% one-month, and the Bolinger Band 15m-Middle.

Even stronger support awaits at the $6,360-to $6,412  area. Here we see a congestion of the Bolinger Band 1d-Middle, the one-day high, the SMA 100-15m, the BB 1h-Middle, the SMA 50-4h, the SMA 200-1h, the BB 15m-Lower, the SMA 200-4h, the SMA 5-4h, the Pivot Point one-day Resistance 1, the Fibonacci 23.6% one-day, the Fibonacci 38.2% one-week, and the SMA 10-4h.

The fact that BTC/USD broke above such tough resistance indicates it has momentum. So where next?

$6,867  is the confluence of the one-month high and the Bolinger Band one-day Upper. $7,028  is the Fibonacci 61.8% one-month, and only very few meaningful lines are waiting above.

Here is how it looks on the tool:

BTC USD July 16 2018 technical confluences

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.

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

More:  Latest cryptocurrency news

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.