Bitcoin Price Prediction: BTC/USD critical support being tested – Confluence Detector

  • Bitcoin price running within minor gains late on Thursday, up some 0.60%.
  • BTC/USD price action is supported to the upside by an ascending trend line, which has been in play since 8th February.

 

The Bitcoin price is trading in minor positive territory late on Thursday, holding minor gains of some 0.60%. BTC/USD has continued to trade with a generally cautious tone, something seen across the market, since the heavy fall on Sunday.

BTC/USD price action has been very much supported by an ascending trend line, which has been running north since 8th February. It had provided the necessary comfort to allow the bulls continuing their current road of recovery.

In terms of big barriers, a chunky area of supply can be seen tracking from $4000 up to $4500 price range. The price has not traded comfortably above this since November 2018. Looking via the confluence detector, significant resistance levels to note; $3859.30 daily 5 & 10SMAs, $3899.23, weekly 23.6% Fibonacci.

BTC/USD daily confluence detector 

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.