Tanya Abrosimova
Independent Analyst
- BTC/USD cannot decide where from here.
- A move to the North looks more likely.
BTC/USD has been boring for the best part of the week, Once the price broke above $3,800 handle a new barrier - $3,900 - came into focus; though, it seems that Bitcoin bulls are not ready yet to take out of the way. Three Doji candles after Tuesday’s signals that the market is in the state of indecision ahead of strong support.
BTC/USD the daily confluence detector
It seems that all-important technical barriers are clustered below the current price. The strong support on approach to $3,840 is created by a confluence of technical indicators, including SMA100 and SMA10 4-hour, SMA50 and SMA10 1-hour, midline line of 1hour Bollinger Bands and Fibo retracement 61.8% daily.
The next barrier around $3,800 is protected by a combination of significant SMA levels including SMA100 and SMA200 1-hour, DMA10 and SMA50 4-hour. Also, there is a Midline of daily Bollinger Bands and 161.8% Fibo projection daily. Once this area is broken, the downside might gain traction with the next focus as low as $3,650 strengthened by Fibo retracement 61.8% monthly located on approach.
The way to the North looks less complicated. A series of technical level are clustered above the current price and on approach to psychological $3,900. They include 23.6% Fibo retracement daily and the upper boundary of 1-hour Bollinger Band.
A move higher will take us to $4,000 (Fibo 23.6% monthly and 61.8% Fibo retracement weekly) and up to $4,200 preceded by the previous week and previous month high.
BTC/USD, 1D
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