Bitcoin Price Prediction: BTC/USD seesaw movements target $4,000 – Confluence Detector
|- Bitcoin price dives under $5,000 triggering a fresh round of losses across the crypto market.
- BTC/USD deals with weak support areas and stacks strong resistance zones.
Bitcoin price is too vulnerable to losses after the support at $5,000 was shattered on Monday during the European session. The seesaw movements experienced last week seem to have made a comeback. Other major cryptocurrencies are also in grave danger with Ethereum under risk of testing levels under $100 and Ripple $0.1.
BTC/USD is dancing at $4,815 in wake of a 9.66% loss on the day. A bearish trend prevails amid continuously increasing price volatility. However, higher support is needed, preferably at $4,800 to help the bulls re-focus their attention energy on levels close to $6,000, which could eventually help avert possible breakdown to $4,000.
Bitcoin confluence support and resistance
Support one: $4,613 – As highlighted by the pivot point one-day support two.
Support two: $4,562 – Home to the 161.8% Fibonacci one-day.
Resistance one: $4,969 – As highlighted using the previous 15-minutes, the SMA five 15-mins and the pivot point one-day support one.
Resistance two: $5,223 – This zone hosts the previous low 4-hour and the SMA five 1-hour.
Resistance three: $5,376 – Highlighted by the SMA five 4-hour and the previous high 4-hour.
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