Instead of the usual delay, the SEC took an early decision an rejected quite a few Bitcoin ETF decisions one day in advance, on August 22nd. And what happened to the BTC/USD price? Not too much apparently. So far, it shrugged off the news. And what’s next?
The Technical Confluence Indicator shows that the digital coin has a good base at $6,446 which is the convergence of the Simple Moving Average 10-15m, the SMA 5-15m, and the Fibonacci 23.6% one-week among others.
Should the cryptocurrency fall, the next cushion is at $6,397 which is the confluence of the Fibonacci 23.6% one-day, the SMA 5-one-day, and the Bolinger Band 15m-Lower. The strongest support level is very close: $6,375 which is the potent Pivot Point one-month Support 1.
Looking up, there are very few noteworthy lines of resistance. At around $6,501 we see the confluence of the weaker SMA 50-one hour, the SMA 10-4h, and the SMA 200-15m.
And what’s next? There are no levels worth mentioning until at least $6,587.
All in all, the path of least resistance is up.
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.
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.