Bitcoin price prediction: BTC/USD capped by $5,200 - Confluence Detector
|- BTC/USD bulls stop short of $5,200.
- The price is sandwiched between strong support and resistance areas.
Bitcoin (BTC) is hovering under $5,100, mostly unchanged since the beginning of the day. The first digital coin lost 1.5% since this time on Monday and stayed mostly unchanged since the beginning of the day. The cryptocurrency market slipped in the red zone after a short-lived recovery attempt; however, all major coins are still sitting in their respective ranges.
Bitcoin confluence levels
The strongest technical levels are clustered above the current price, which means that the recovery looks like a hard task at this stage.
- Resistance levels
- A cluster of SMA levels above the current price includesSMA 200, SMA100 and SMA50 1-hour, SMA50 4-hour, and a host of short-term SMA levels. The initial resistance area goes all the way up to $5,200. It is packed with strong technical levels: middle lines of 1-hour and 4-hour Bollinger Bands, 61.8% Fibo retracement weekly and 61.8% Fibo retracement daily
- The next resistance is seen on approach $5,360. It is created by 23.6% Fibo retracement weekly and 161.8% Fibo projection daily.
- The critical barrier $5,400 is strengthened by a Pivot Point 1-week Resistance 1 and Pivot Point 1-day Resistance 3 and followed by the previous week high at $5,468.
Support levels
- Below the current price, the first support area is created by SMA100 4-hour on approach to $3,900.
- It is followed by critical $4,700, strengthened by Pivot Point 1-month Resistance 3
BTC/USD 1D
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.