Bitcoin Price Prediction: BTC/USD bulls aim to stay in $5,000 range without any immediate support - Confluence Detector

BTC/USD bulls are struggling to stay above $5,000 following a rally by the bears.
The lack of any strong resistance and support line shows that the market is extremely volatile.

Rajarshi Mitra Independent Analyst

BTC/USD is currently trading for $5,015 as the bulls had to see off a strong rally by the bears. With the market this volatile, the daily confluence detector shows a severe lack of any strong resistance and support levels. Despite the bearish rally, it looks like the bulls still have the upper hand. Whether they have the necessary momentum to keep the price above $5,000 remains to be seen.

BTC/USD daily confluence detector

As per the daily confluence detector, the only support level lies at $4,820. The confluence at that level is as follows - Hourly previous low, 4-hour previous low, and daily previous low.

BTC/USD has three strong resistance levels at $5,020, $5,050, and $5,150. The confluences at those levels are:

$5,020: 5-day simple moving average (SMA 5) curve and daily 61.8% Fibonacci retracement level.
$5,050: Hourly Bollinger band middle curve.
$5,150: 5-day simple moving average (SMA 5) curve and Daily 38.2% Fibonacci retracement level.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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