Bitcoin price prediction: Don't pack for the trip to the moon as of yet - Confluence Detector
|- BTC/USD stays under $3,800 despite positive momentum.
- The support at $3,300 should stay unbroken.
Bitcoin hovers around $3,700, inspiring bulls to new brave moves. The biggest digital coin has gained nearly 6% in the recent 24 hours. BTC/USD has an excellent chance to meet Christmas in green colors to match the X-tree; however, as long as the price stays under $4,000, it is still too early to claim that the worst is over.
BTC/USD the daily confluence detector
The resistance zone above the current price consists of a number of technical levels, including a host of short-term SMA levels, Pivot Point 1-day, Resistance 1, Pivot Point 1-week Resistance 2, 1-hour Bollinger Band Upper, 15-min Bollinger Band Middle, and Previous 4-hour high. This area stretches up to $3,800, which is considered pivotal in the short-term timeframe. Once it is cleared, momentous $4,000 will come into focus. However, we will still need to pass 161.3% Fibo retracement weekly and Pivot Point 1-week Resistance 3 before we get there.
The way to the downside looks much more complicated at this stage as it is packed with strong technical levels.
The first buffer zone starts at $3,640 and goes down to $3,600. It is reinforced by 23.6% Fibo retracements daily, 38.2% Fibo retracement daily, SMA5 4-hour and 1-hour Bollinger Band Middle. Once below, the sell-off may gain traction and take the price to $3,530 guarded by 61.8% Fibo retracements daily and SMA1, 4-hour. This hurdle is followed by psychological $3,500 with SMA200 15-min, SMA10 1-hour and SMA100 4-hour located right under this barrier.
Basically, Bitcoin bears will struggle until $3,440. By taking this barrier out, they will open up the way towards $3,360. This support is created by a confluence of SMA100 and SMA200 1-hour, SMA50 4-hour and Pivot Point 1-day Support2. Below is critical $3,300.
BTC/USD, 1D
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