- BTC/USD bulls stop short of $5,200.
- The price is sandwiched between strong support and resistance areas.
Bitcoin (BTC) is hovering under $5,200, mostly unchanged since the beginning of the day. The cryptocurrency market has been rangebound with a bullish bias, recovering from the recent downside correction. However, the upside momentum is not strong enough to take the prices out of the ranges.
Bitcoin confluence levels
The strongest technical levels are clustered around the current price, which means that the market will have a hard time taking BTC out of the recent range. However, a sustainable break in either direction is likely to create a strong impulse.
- A cluster of SMA levels above the current price includes DMA50 4-hour, SMA200 1-hour, DMA10. They are combined with 61.8% Fibo retracement daily and an upper boundary of 4-hour Bollinger Band.
- The next resistance is seen on approach $5,300. It is created by 38.2% Fibo retracement weekly
- The critical barrier $5,400 is strengthened by a Pivot Point 1-week Resistance 1 and Pivot Point 1-day Resistance 3.
- Below the current price, the first support area is created by 38.2% Fibo retracement daily and 61.8% Fibo retracement weekly plus midline of 1-hour Bollinger Band.
- It is followed by critical $4,700, strengthened by the middle line of 1-day Bollinger Band
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.