Cryptocurrencies bounced back with BTC/USD climbing back above $6,000 over the weekend and enjoyed a second bump higher over the weekend. Where next?
The Technical Confluence Indicator shows that Bitcoin faces an initial, not too strong hurdle at around $6,686 where the Pivot Point one-week Resistance 2, the Bolinger Band 15m-Upper, and the one-hour high converge.
The more significant target is the $7,025 which is the confluence of the Fibonacci 61.8% one-month and the Pivot Point one-week Resistance 3. Both are very potent lines.
On the downside, the cryptocurrency has support around $6,545, which is the meeting point of the Fibonacci 161.8% one-day and the Fibonacci 38.2% one-month.
Further down, very strong support awaits at the $6,357 level which is the congestion of the Bollinger Band.
All in all, after the impressive recovery, the path of least resistance is to the upside.
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