Tanya Abrosimova
Independent Analyst
- $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.
BTC/USD 1D
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