BTC/USD faces huge stack of resistance up front with little support - Confluence Detector
|- BTC/USD lost a little over 0.50% of its price as it went down from $3,818 to $3,796 this Tuesday.
- Daily confluence detector shows that growth may be difficult as bulls face a colossal stack of resistance up front.
BTC/USD lost a little over 0.50% of its price this Tuesday, going down from $3,818 to $3,796. This was a minor step back for the bulls who would have wanted to plod their way back to the $4,000 mark. Daily confluence detector shows that further growth may be difficult because of the sheer amount of resistance up ahead. Worryingly enough, there is very little support present, which may incentivize the bears to take over.
BTC/USD daily confluence detector
Resistance levels are present at: $3,800 - $3,850, $3,898 - $3,915, and $4,100. The confluences at those levels are:
- $3,800 - $3,850: Weekly 38.2% Fibonacci retracement level, hourly Bollinger band upper curve, daily 23.6% Fibonacci retracement level, SMA 100, SMA 10, 15-min previous high, SMA 5, SMA 100, hourly previous high, 4-hour previous high, 15-min Bollinger band upper curve, daily 38.2% Fibonacci retracement level, monthly 61.8% Fibonacci retracement level, daily 61.8% Fibonacci retracement level, 4-hour previous low, 15-min Bollinger band lower band, SMA 50, SMA 200, 15-min previous low, hourly previous low, SMA 10, 15-min Bollinger band middle curve, and hourly Bollinger band middle curve.
- $3,898 - $3,915: 200-day simple moving average (SMA 200) curve, monthly pivot point resistance 1, SMA 5, 4-hour Bollinger band middle curve, weekly 23.6% Fibonacci retracement level, SMA 100, SMA 50, and previously daily high.
- $4,100: Weekly pivot point resistance 1 and previous month high.
Support levels are at $3,675 and $3,620 - $3,660. The confluences at those levels are:
- $3,675: Monthly pivot point support 1, daily Bollinger band middle curve, and daily pivot point support 2.
- $3,620 - $3,660: SMA 50, monthly 38.2% Fibonacci retracement level, and weekly pivot point support 3.
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