Bitcoin price prediction: Bull got tired, but $4,000 still defended - Confluence Detector
|- BTC/USD hovers around $4,000 as the upside momentum is losing steam.
- The critical support is created by$3,500 handles.
Bitcoin hovers around $4,000 after a short-lived dip to $3,900 during European hours. The digital coin No.1 has been consolidating gains on Friday after a strong rise since the beginning of the week. The market sentiments have improved after a collapse towards critical $3,100.
BTC/USD the daily confluence detector
Bulls need to push the price above the resistance area that goes from the current level up to $4.060-70. It is created by a confluence of technical indicators that include: 38.2% Fibo retracement daily, previous 15 min low, previous 1-hour low, SMA10, 15-min, SMA10 and SMA5 1-hour, Bollinger Band 15 min Middle, Bollinger Band 1 hour Middle, SMA5 4-hour, previous high 1 hour, 23.6% Fibo retracement daily.
Once it is cleared, the recovery may be extended up to $4,500 with little in terms of resistance levels on the way. However, Bolinger Band 4h-hour Upper and 23.6% Fibo retracement Monthly around $4,200 may trigger some profit-taking.
Meanwhile, the support area below the current price includes the previous 4-hour low, 1-hour Bollinger Band Lower, 1-hour Bollinger Band Lower, SMA10 4-hour, SMA200 15-min, SMA50 1-hour, 161.8% Fibo retracement weekly, Pivot Point 1-week Resistance 3. It goes all the way down to $3,900.
A sustainable movement below the said area will open up the way towards the next barrier at $3,800 strengthened by Pivot Point 1-week Resistance 2 and Pivot Point 1-day Support 1. Meanwhile, SMA5 daily and the previous week high located under $3,600 is the last barrier before the critical $3,500. It is strengthened by a host of SMA levels, including SMA100 and SMA50 4-hour and SMA200 1-hour.
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.