Bitcoin Price reaches confluence area

Sep 11, 2019

Bitcoin was rejected from 11k and began to consolidate downward. After a major move to the upside one would consider a “bullish” scenario to follow, however lower levels are being called for by the majority. Although that may turn out to be true in the mid to long term, as of the shorter time frame we see the 10k level defended. This should not have been too surprising considering it was the 0.618 level from the recent swing low to swing high. The resistance and support lines have also been converging to this area. If increasing positive momentum with volume can come in to bring bitcoin above the 0.5 level we should see a short term push to the upside back to about the 0.236 range and possibly higher.