|

Bitcoin price prediction: BTC/USD slips below $3,900   - Confluence Detector

  • BTC/USD are not ready to act.
  • A move back below $3,900 might trigger more selling pressure.

BTC/USD dropped like a stone, unable to settle above a critical $3,900 area. The price went as high as $3,947 on Sunday, but it seems that Bitcoin bulls are not ready yet for a decisive breakthrough. BTC/USD moved below SMA50 and SMA100 (1-hour) to trade at $3,877 at the time of writing, off the Asian low touched at $3,847.

BTC/USD the daily confluence detector

We have a bunch of strong technical levels right above the current price and up until $3,950 handle. The resistance zone is going to be a hard nut to crack for Bitcoin bulls. The confluence of technical indicators include:

  • Lower boundaries of Bollinger Band on 1-hour and 15-min charts
  • A host of significant SMA levels like SMA100 and SMA50 (1-hour), SMA10 (4-hour)
  • Fibo retracement levels (38.2% monthly and daily, 23.6% daily, 61.8% daily)

A sustainable move above this area will clear up the way towards the next resistance zone $4,000 (Fibo 23.6% monthly and 61.8% Fibo retracement weekly) and $4,200 strengthened by the previous month high.

Below the current price, we can see a confluence of technical indicators, including SMA100 (4-hour), midline line of daily Bollinger Bands, a lower boundary of 4-hour Bollinger Band, 23.6% and 38.1% Fibo retracement weekly, SMA50 4-hour, SMA200 1-hour.

The next barrier is seen below $3,800 (Fibo retracement 61.8% weekly). It is followed by psychological $3,700 strengthened by 61.8% Fibo retracement monthly and the previous week’s low.

BTC/USD, 1D

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Billions in ETF outflows don’t bode well
Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.
Bitcoin price prediction: BTC/USD slips below $3,900   - Confluence Detector