- $5,348 stopped the price increase twice.
- Risks are skewed to the upside for BTC/USD.
Bitcoin (BTC) tested $5,348 for the second time in recent seven days, which means that the crypto bull might have a hard time pushing the price above this handle. At the time of writing the first digital coin is changing hands at $5,243, mostly marginally higher since the beginning of Monday.
Bitcoin confluence levels
There are no significant technical barriers above the current price, which turns the upside into a path of least resistance. However, we will need to see a confirmation that the bull’s trend is still on track.
- The first resistance is created by a confluence of an upper boundary of 4-hour Bollinger Band, midline of 15-min Bollinger Band, SMA10 1-hour and the highest level of the previous day on approach to $5,300. Once it is cleared, the price will be ready to another attempt at $5,348 handle.
- The next barrier is seen at $5,550 (Pivot Point 1-week Resistance 1).
- Below the current price, the first support area is registered on approach to $5,200 (SMA10 4-hour, 38.2% Fibo retracement daily)
- It is followed by critical $5,000, strengthened by a confluence of strong technical indicators including DMA5, 23.8% Fibo retracement weekly and the lowest level of the previous day.
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.