Bitcoin price prediction: Recovery momentum fading away - Bitcoin confluence
|- BTC/USD bulls struggle to keep the price above $5,300.
- An important support is created by $5,200 handle.
Bitcoin (BTC) has slipped under $5,300 amid technical correction after a strong growth on Tuesday. While the upside potential is fading away, the first digital coin is well positioned for further recover as long as it stays above $5,200 handle.
Bitcoin confluence levels
There are a lot of strong technical barriers clustered below the current price, which means, that Bitcoin bears are under a disadvantage. The support area starts right below the current price and goes all the way down to $5,200.
Resistance levels
- $5,370-$5,400 - upper boundaries of 1-hour and 4-hour Bollinger Bands, SMA10 1-hour, Pivot Point 1-day Resistance 1;
- $5,630-$5,650 - previous week high and previous month high;
- $5,900 - Point 1-month Resistance 1, Point 1-week Resistance 1;
Support levels
- $5,300-$5,200 - middle line of 1-day Bollinger Band, 38.2% Fibo retracement daily, 23.6% Fibo retracement daily; 38.2% Fibo retracement weekly, 23.6% Fibo retracement monthly, DMA10, SMA200 1-hour, SMA100 4-hour, middle line of 1-hour Bollinger Band;
- $5,050 - SMA200 4-hour, 38.2% Fibo retracement monthly, 161.8% Fibo projection;
- $5,000 - Pivot Point 1-day Resistance 3 followed by the previous week low.
BTC/USD, 1-day
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