- Bitcoin has bounced above $10,000 after a brief dip to the downside.
- BTC/USD faces several clusters of resistance lines on the way up.
- Here are the next levels to watch according to the Confluence Detector.
Bitcoin has extended its downside correction and almost went too far – dipping below $10,000. A report that Binance will allow leverage of 20:1 on BTC futures has seemingly sent the king of cryptocurrencies back to five digits where it is getting comfortable once again.
What are the next levels to watch?
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin has been climbing and settling above $10,321 which now provides support. The area concentrates several lines including last week’s low, the previous 4h-high, the Fibonacci 23.6% one-day, and the Bollinger Band 15min-Upper.
The granddaddy of digital coins can now look up and find the first considerable cap at $10,695 where we note the convergence of the BB 4h-Upper, the Fibonacci 61.8% one-day, the Simple Moving Average 200-15m, and the SMA 50-1h.
Further up, $11,450 is the next target for BTC/USD. It is the cluster including the Fibonacci 38.2% one-week, the SMA 200-1h, the SMA 50-4h, and the SMA 10-one-day.
Looking down below $10,321, Bitcoin has support at $9,997, just under $10K, where it enjoys the support of the previous daily low, the PP one-day S1, and the SMA 10-1h.
See all the cryptocurrency technical levels.