Rajarshi Mitra
Independent Analyst
- 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.
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.
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