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Bitcoin Price Prediction: What the confluence detector has to say?

The price of Bitcoin continues to be at the top and is by far unbeatable. Though, it had been learned that the bitcoin rise in price has grown lethargic as it had continued to stay above $10,000 , has now fallen short of $10,700.

On the other hand, facebook is heard to be striving to launch libra and is battling with regulators for the same and China is also making efforts to release its digital assets by 2019.

The telegram which is a renowned messaging platform is trying to launch its Gram token. Telegram runs a private ICO which had raised $1.9 billion. The sources like The New York Times are of the predictions that that telegram would be the distribution of token would begin soon, at least within two months.

The strife amongst these platforms to release their digital assets is still ongoing.

The Confluence detector for price prediction

The tool that is put to use in order to detect the confluence also shows that bitcoin has recovered all the losses it had suffered and that it is targetting to hit the resistance of $10,286. The various indicators are as follows: Fibonacci 61.8%, SMA  5 daily and the previous 15 mins. It is, as well, predicted by the confluence toll itself that, bitcoin shall raise a level higher next time and shall hit $10,396. Converging here is SMA 10 daily, Pivot point 1-day R1, previous high 1 day and the Bollinger band 4 hours upper. Further up, $10,715 hurdle will be hindering the growth towards $11,000.

Final words on the bitcoin price prediction

Though no platform has been able to beat bitcoin yet and happens to be at the top till date it is said that on the downside, it would be lacking many Support systems as there would not be many resistance zone present. The initial weak support is highlighted by 61.8% fib level. The next support target is $10,141 whereas the strongest support area is $9,913 and $9,796.

Hence, it is said that it is important for bulls to keep the price high of bitcoin otherwise bitcoin would be pushed to the point of collapse in no time.

This post first appeared on Coin Market, please read the originial post: here

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Bitcoin Price Prediction: What the confluence detector has to say?


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