Bitcoin Price Prediction: BTC/USD may have found a bullish base after the fall, partially fueled by the Fed – Confluence Detector

Bitcoin Price Prediction: BTC/USD may have found a bullish base after the fall, partially fueled by the Fed – Confluence Detector

 

Bitcoin has been rising in the wake of the new week after a sleepy weekend.

BTC/USD has overcome robust resistance and has few technical hurdles.

Here are the next levels to watch according to the Confluence Detector.

The Fed has been watching Facebook’s Libra – and sees the potential for systemic risk. Over two billion Facebook users may have access to a cryptocurrency and the chance of a rapid adoption rate causes concern in Washington. Jerome Powell, Chair of the Federal Reserve, has revealed that in his semi-annual testimony on Capitol Hill.

And when the world’s most powerful central banker is worried about digital assets – they listen and fall. Bitcoin dropped from around $13,00 to closer to $11,500. The slump in cryptocurrencies cannot be blamed on Powell’s powerful words, but it certainly contributed to the sell-off.

As Powell’s continue echoing, do technical levels provide some solace? The answer is yes, at least for Bitcoin.

This is what the Crypto Confluence Detector shows in its latest update: Bitcoin enjoys substantial support at $ 13,420 where we find a dense cluster of lines including the Simple Moving Average 100-one-day, the Fibonacci 38.2% one-month, the SMA 50-4h, the Bollinger Band 15min-Lower, and the Pivot Point one-day S1.Assuming it stabilizes, BTC/USD will have to overcome resistance at $ 12,347 to unleash the upside. The area is the convergence of many lines including the SMA 10-4h, the SMA 200-15m, the SMA 50-1h, the BB 1h-Upper, the Fibonacci 23.6% one-month, the BB 4h-Middle, the […]