Bitcoin price prediction: BTC/USD bulls set eyes on $5,300 - Confluence Detector

  • BTC/USD bulls need to clear $5,300.
  • The price has been rangebound for several days.

Bitcoin (BTC) topped at $5,360 and has been moving lower ever since. Generally, the price is oscillating in a tight range limited by $5,200 on the downside and $5,300 on the upside

Bitcoin confluence levels

All the strong barriers are clustered below and above the current price, which means that the price is prone to rangebound trading. Meanwhile a confident movement in either direction is likely to become a precondition for the strong movement that will define a short-term trend for BTC.

Resistance levels

  • $5,300- upper boundary of 1-hour Bollinger Band, middle line of 4-hour Bollinger Band, SMA100 and SMA50 1-hour, 61.8% Fibo retracement daily.
  • $5,350-$5,460 - previous week high, upper boundary of 1-hour Bollinger Band, Pivot Point 1-day Resistance 1.
  • $5,400-$5,430 - Pivot Point 1-day Resistance 2, 161.8% Fibo projection daily, 

Support levels 

  • $5,240 - a host of SMA levels, 38.2% Fibo retracement daily, 23.6% Fibo retracement weekly, middle line of 1-hour Bollinger Band
  • $5,200 - 38.2% Fibo retracement weekly, SMA200 1-hour, SMA50, 4-hour
  • $5,050 - 61.8% Fibo retracement weekly, Pivot Point 1-day Support 1.

BTC/USD, 1D

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