Bitcoin price prediction: Beware, tight range ahead - Bitcoin confluence

BTC/USD bulls need defend $5,100.
The resistance area $5,200-$5,250 is a hard nut to crack.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) is locked in a tight range limited by $5,100 on the downside and $5,200 on the upside. The first digital coin has been sidelined since the weekend, following a strong downside movement on Thursday, April, 25.

Bitcoin confluence levels

Bitcoin bulls may have a hard time pushing the price above the said barrier as there are a lot of strong technical levels clustered above the current price. We will need a strong catalyst to break above $5,200-$5,250 area; however, once it happens, the upside momentum is likely to gain traction.

Resistance levels

$5,200 - SMA100 (1-hour), middle line of 1-hour Bollinger Band, middle line of 15-min Bollinger Band, 61.8% Fibo retracement daily, SMA200 15-min, SMA10 and SMA5 4-hour.
$5,250 - upper boundary of 1-hour Bollinger Band, middle line of 1-day Bollinger Band, 38.2% Fibo retracement weekly, SMA100, 1-hour
$5,400 - 61.8% Fibo retracement weekly.

Support levels

$5,150 - 23.6% Fibo retracement weekly, 23.6% Fibo retracement daily, lower boundary of 1-hour Bollinger Band, 38.2% Fibo retracement daily, lower boundary of 4-hour Bollinger Band
$5,000 - lower line of 1-day Bollinger Band, Pivot Point 1-day Support 3.
$4,700 - Pivot Point 1-month Resistance 3.

BTC/USD, 1-day

Author

Tanya Abrosimova

Independent Analyst

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