Bitcoin price prediction: BTC/USD skyrockets to new 2019 high, more upside in store - Confluence Detector

BTC/USD bulls cleared several important resistance levels.
Short-term correction from overbought territory is possible.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) catapulted to $5,630 during Asian hours and, despite technical retracement from an overbought territory, the price of the first digital coin is still above crucial $5,500.

Bitcoin confluence levels

All the strong barriers are broken, which creates a positive environment for further upside. However, on the intraday charts, the Bitcoin is overbought, meaning that the further retracement is not completely out of the question.

Resistance levels

$5,600 - Pivot Point 1-week Resistance 2, previous high, 15-min, upper line of 15-min Bollinger Band.
$5,600 - Pivot Point 1-week Resistance 3.

Support levels

$5,450-$5,450 - upper line of 4-hour Bollinger Band, SMA10, 1-hour, Pivot Point 1-week, Resistance 1.
Previous week high.
$5,400-$5,380 - 61.8% Fibo retracement daily, 38.2% Fibo retracement daily, middle line of 4-hour Bollinger Band, SMA10 4-hour, SMA200, 15-min.
$5,270 - SMA50 4-hour, SMA200 1-hour, 23.6% Fibo retracement weekly, lower line of 1-hour Bollinger Band.
$5,200 - 38.2% Fibo retracement weekly, SMA100 4-hour.

BTC/USD, 1D

Author

Tanya Abrosimova

Independent Analyst

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