Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The Technical Confluences Indicator shows that the recent rise of the EUR/USD sends it to a price were several technical barriers converge around $1.2330, making it a strong line of resistance. The area is the meeting place of the Fibo 23.6 percent 1d, SMA50-4h, SMA50-1d, SMA200-1h, SMA 5-1hv, SMA10-1d, BB 15m-Middle-Stdv and more.
A break above this line opens the door to much higher levels with very few dense clusters on the upside. A notable confluence area is $1.2412, which is the meeting point of the one week high, Fibo 61.8 percent 1M, Pivot Point 1d R2 and the Bolinger Band 1d-Upper Stdv. All in all, these points are relatively weak, and the pair has a lot of room to rise.
Looking down, things are much busier, and any fall will find many cushions on the way down. Below immediate support levels, $1.2277 is a small cluster where the Fibo 23.6 percent 1M and the Fibo 61.8 percent 1d meet.
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. This means that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Learn more about Technical Confluence
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!