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.
This article originally appeared on FXStreet.
The EUR/USD has dropped ahead of the Fed and has a better chance of falling than rising as markets await the big decision.
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!
The Technical Confluences Indicator shows that strong resistance awaits the pair at 1.1752, which is a dense cluster of the Simple Moving Average 5-15m, the SMA 5-1h, the SMA 200-1h, the SMA 50-4h, the Fibonacci 23.6 percent one-day, and more.
If the pair overcomes this level of resistance, 1.1777 is next. This is the convergence of the Simple Moving Average 5--one day, the SMA 10-4h, the SMA 200-15m, the SMA 50-1h, the Fibonacci 38.2 percent one-week, and the SMA 5-4h.
There are quite a few more levels to the upside but the really critical support line is at 1.1869 which is the confluence of the Bolinger Band one-day Upper, the Fibonacci 61.8 percent one-month, and the Fibonacci 161.8 percent one-day.
Looking down, the pair has support at 1.1734 which is the meeting point of the Fibonacci 38.2 percent one-month, the one-day high, and the Fibonacci 61.8 percent one-week.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Yet if it loses the line, the next support line is only at 1.1648, the confluence of the one-week low and the Fibonacci 23.6 percent one-month.
All in all, resistance is stronger and denser while support is sparse.
Here is how it looks on the tool:
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. These weightings mean 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.