Bitcoin price prediction: BTC/USD pulls back from $5,350 highs, consolidation around $5,000 expected – Confluence Detector
|- After breaking above $5,200 on Wednesday, BTC/USD spiked higher past $5,300.
- Bitcoin buyers must fight to defend the support at $4,900, otherwise, declines could continue.
Bitcoin investors have been all smiles in the last couple of days. The surge in the price of the largest digital asset came as surprise to many starting around $4,000 and extending the gains above $5,350. After breaking above $5,200 on Wednesday, BTC/USD spiked higher past $5,300 but encountered resistance at $5,351. However, the buyers could not sustain the growth neither did they defend $5,350 level and BTC/USD pulled back below $5,000.
Following the opening price of $4,975.65, BTC/USD rose $5,072.21 (Thursday high). The prevailing trend is strongly bearish at press time besides and has corrected 0.39% lower on the day. The 15-minutes chart shows the price hanging in the balance while pivotal at $5,000. The 50 SMA 15’ is limiting gains at $5,000 while the 100 SMA 15’ will hinder growth at $5,05621.
Bitcoin buyers must fight to defend the support at $4,900, otherwise, declines could continue towards the initial strong support at $4,857.25. If the losses clear this level the confluence detector tool shows the next support at $4,754.61: pivot point 1-day S1and pivot point monthly R3. This level should be the saving grace for Bitcoin in case of a reversal to prevent dire losses. Another strong support is seen at $4,446.72: pivot point monthly R2 and the 5 SMA daily.
On the upside, the initial resistance is seen at $5,011.19: 10 SMA 15’and 10 SMA 1-hour. The second hurdle and the strongest is observed at $5,062.51: Previous high 1-hour, 5 SMA 1-hour, 61.8% Fib level daily, Bollinger Band 15’ middle, 50 SMA 15’ and the 5 SMA 4-hour. Bitcoin must overcome this level in order to embark on yet a second journey above $5,200 and event extend the gains to $5,350.
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