- 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.
Bitcoin and most other cryptocurrencies have begun rising after taking a breather under the sun during the weekend. The dearth of earth-shattering news has allowed for the break and the upwards move looks like a continuation of the broader uptrend.
However, a closer look has shown that the granddaddy of cryptocurrencies has broken above a critical resistance line which now turns into support and provides the basis for a potential rally.
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin’s surge above $11,420 has been substantial. This is a dense cluster including the Simple Moving Average 5-1d, the SMA 100-1h, the previous 4h-low, SMA 10-4h, the Fibonacci 38.2% one-month, the Fibonacci 38.2% one-day, and the SMA 200-15m.
The line now turns into strong support and BTC/USD can already eye the next level. Weak resistance awaits at $12,290 which is the convergence of the Pivot Point one-day Resistance 3, the PP 1w-R1, the Fibonacci 23.6% one-month, and the previous weekly high.
Above that level, the king of cryptos has no resistance until at least $13,464 which is the limit of our current chart.
Further support awaits at $11,233 where we see the confluence of the SMA 50-4h, the SMA 200-1h, the BB 1h-lower, and the Fibonacci 61.8% one-week.
See all the cryptocurrency technical levels.