Bitcoin Price Prediction: BTC/USD has little scope for growth as significant resistance lies at $5,225
|- BTC/USD is currently trading at $5,200 as markets opened this Wednesday.
- BTC/USD has little scope for growth as significant resistance levels hamper bulls.
BTC/USD went up from $5,190 to $5,200 as markets opened this Wednesday. Three significant resistance levels are hampering the bulls, making further growth challenging even though they have momentum. On the negative side, if the bears can get past supports at $5,190 and $5,165, then the price may plummet down to $5,075 before it meets another moderate-strong support level.
BTC/USD Daily Confluence Detector
Significant resistance levels lie at $5,190, $5,225, $5,245, and $5,360. The confluences at those levels lie at:
- $5,225: 5-day simple moving average (SMA 5), 15-min Bollinger band middle curve, 10-day simple moving average, hourly Bollinger band middle curve, SMA 50, SMA 10, and hourly previous high.
- $5,245: Daily 61.8% Fibonacci retracement level, hourly Bollinger band upper curve, and 15-min Bollinger band upper curve.
- $5,360: Previous week high and daily pivot point resistance 2.
Support levels lie at $5,165, $5,075, and $5,050. The confluences at those levels lie at:
- $5,190: Daily 23.6% Fibonacci retracement level, hourly previous low, 15-min Bollinger band lower curve, and 4-hour Bollinger band middle curve.
- $5,165: Daily previous low and SMA 5.
- $5,075: 4-hour Bollinger band lower curve and daily pivot point support 2.
- $5,050: Weekly 23.6% Fibonacci retracement level.
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.