Bitcoin price prediction: BTC/USD consolidates gains above $4,000 - Confluence Detector
|- $5,000 turns into a strong support.
- Risks are skewed to the upside for BTC/USD.
Bitcoin (BTC) has settled marginally below critical $5,000 after a short-lived spike to $5,348 on April 3. The first digital coin entered a consolidation phase, however the short-term risks are skewed to the upside as the price stays above $4,800. The intraday RSI is turning to the North, which means that the upside momentum might gain traction later during the day.
Bitcoin confluence levels
There are few technical barriers above the current price, which means that the upside is the path of least resistance at this stage. Once the price gets back above $5,000 handle, $5,070-$5,100 area will come into focus. It is strengthened by yesterday’s high and a Pivot Point 1-day Resistance 1.
Once above, prices will continue climbing towards $5,348, which is the highest level of the year, strengthned bu the upper line of 4-hour Bollinger Band.
On the downside, we have a cluster of support levels that go all the way down to $4,800. The confluence of technical indicators includes a host of SMA levels, 61.8%, 38.2% and 23.6% Fibo retracement daily, middle and lower lune of 4-hour Bollinger Band, upper and lower lines of 10day Bollinger Band
The ultimate support comes by a confluence of Pivot Point 1-week Resistance 3, Pivot Point 1-month Resistance 2 and DMA5 on approach to $4,450.
BTC/USD 1D
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