Story by: John Isige
- Bitcoin price is held hostage between support and resistance areas at $10,559 and $10,669 respectively,
- Correction above the first resistance at $10,669 is likely to pave the way for a remarkable move above $11,000.
Bitcoin’s dominance in the market continues to skyrocket to new levels in 2019. Holding ground at 70.5% means that the granddaddy of cryptocurrencies makes up more than three-quarters of the entire crypto market capitalization.
In the last 24-hours, Bitcoin managed to hold on to at least 2% of the accrued gains. Its trading volume has almost doubled from September 1 at $11.45 billion to $19 billion at the time of press. Similarly, the market cap increased significantly from $174.76 billion to $189.85 billion in the same period.
Bitcoin price confluence levels
Bitcoin stepped on the brakes after completing the leg above $10,700. The short-term resistance at $10,800 was tested but unconquered. The correction that followed has seen the price held hostage between strong support and resistance areas.
The immediate upside is limited at $10,669 and converging here are the SMA 10 1-hour, Previous High 15-mins, Bollinger Band 15-mins Upper, Previous High 4-hour, 23.6% Fibonacci 1-day and Previous Week High.
On the other hand, the immediate downside is supported at $10,559 highlighted by the previous low 1-hour. The strongest support lies with $10,448 as pointed out by several indicators including SMA 50 daily, SMA 10 4-hour, BB 1-hour upper and the previous low 4-hour.
On the upside, correction above the first resistance at $10,669 is likely to pave the way for a remarkable move above $11,000. Further movement north will encounter resistance at $11,221 and $11,552.
Original story: https://tinyurl.com/y3naax8fby