FX Street
Published Mar 21, 2019 07:07PM ET
Updated Apr 26, 2019 12:46AM ET
BTC/USD has a clear path to $4,500 as per the daily confluence detector. The bulls only need to get over the resistance level at $4,075. There is a lot more optimism in the market as Bitcoin’s hash rate surged past 52 quintillion hashes per second which is a four-month high. Since mining difficulty has changed little for the last month or so, new miners have had a far easier time.
Casa CTO Jameson Lopp tweeted:
“Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn't simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”
BTC/USD daily confluence detector
The only significant level of resistance lies at $4,075 which has a confluence of - 10-day simple moving average (SMA 10), 15-min previous high daily Bollinger band upper curve, hourly Bollinger band upper curve, hourly previous high, 15-min Bollinger band upper curve, 4-hour previous high, and daily previous high.
There are multiple levels of support which lie at $3,975-$4,025, $3,960, $3,850, and $3,745. The confluences at those levels are:
Written By: FX Street
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