Tanya Abrosimova
Independent Analyst
- BTC/USD bulls stop short of $5,200.
- The price is sandwiched between strong support and resistance areas.
Bitcoin (BTC) is hovering under $5,100, mostly unchanged since the beginning of the day. The first digital coin lost 1.5% since this time on Monday and stayed mostly unchanged since the beginning of the day. The cryptocurrency market slipped in the red zone after a short-lived recovery attempt; however, all major coins are still sitting in their respective ranges.
Bitcoin confluence levels
The strongest technical levels are clustered above the current price, which means that the recovery looks like a hard task at this stage.
- Resistance levels
- A cluster of SMA levels above the current price includesSMA 200, SMA100 and SMA50 1-hour, SMA50 4-hour, and a host of short-term SMA levels. The initial resistance area goes all the way up to $5,200. It is packed with strong technical levels: middle lines of 1-hour and 4-hour Bollinger Bands, 61.8% Fibo retracement weekly and 61.8% Fibo retracement daily
- The next resistance is seen on approach $5,360. It is created by 23.6% Fibo retracement weekly and 161.8% Fibo projection daily.
- The critical barrier $5,400 is strengthened by a Pivot Point 1-week Resistance 1 and Pivot Point 1-day Resistance 3 and followed by the previous week high at $5,468.
Support levels
- Below the current price, the first support area is created by SMA100 4-hour on approach to $3,900.
- It is followed by critical $4,700, strengthened by Pivot Point 1-month Resistance 3
BTC/USD 1D
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