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Bitcoin bulls should conquer $6,592 if they want to convince markets to break the range

Bitcoin is steady in range for quite some time. What will be the next move? Here are the levels to watch.

The  Technical Confluence Indicator  shows that the $6,592  level is crucial for an upside move. We see here a dense congestion including the Simple Moving Average 50-one-day, the SMA 10-1h, the SMA 10-4h, the SMA 5-1d, the SMA 50-15m, the SMA 100-1h, the Bollinger Band one-hour Middle, the SMA 5-4h, the Fibonacci 38.2% one-day, and the 1h- high. Just a bit above, at $6,612, we see the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-day, the SMA 10-one-day, and the Bollinger Band 15m-Upper.

The next line to watch is $6,704  where we see the convergence of the Bollinger Band 4h-Upper, and the Pivot Point one-day Resistance 2.

Weak support is found at $6,500  which is the Fibonacci 38.2% one-week, the Bollinger Band one-day Middle, and the one-day low.

$6,419 is stronger support: we find the Fibonacci 23.6% one-month, the Pivot Point one-day Support 3, and the Fibonacci 23.6% one-week close by.

All in all, the path of least resistance is currently to the downside and bulls need to break $6,592  in order to convince markets to push the price higher.

“‹”‹”‹”‹”‹”‹Click to see the Full Confluence Indicator

Here is how it looks on the tool:

Bitcoin confluence levels October 1 2018

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.


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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

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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.