- Bitcoin has plenty of room for growth in the coming sessions.
- Any significant movement north will have to overcome the seller congestion at $5,259.60 - $5,314.02.
The 4-hour BTC/USD chart shows Bitcoin trading higher highs and higher lows within the confines of an ascending channel. The upper trendline has, however, become an uphill task to break. In fact, another attempt to trade above $5,300 saw the bullish momentum turn bearish on touching the trendline resistance. Currently, Bitcoin is dancing with the 61.8% Fib level with a previous drop from $5,321.82 and a low around $4,950.
BTC/USD 1-hour chart
The confluence detector tool shows that Bitcoin has plenty of room for growth in the coming sessions. Especially, if it can clear the resistance at $5,259.60. Other hurdles above this level are not that strong and could pave the way for a further upside correction towards $5,321.82 (medium-term resistance).
The movement north will have to overcome the seller congestion at $5,259.60 - $5,314.02, $5,368.45 and $5,422.85. The confluence at these levels are:
$5,259.60 - $5,314.02: Bollinger band 15’ middle curve, 61.8% Fib level weekly, 38.2% Fib level weekly, 200 SMA 15’, previous high 15’, previous high 1-hour, 23.6% Fib level daily, Bollinger Band 15’ upper curve and Bollinger Band 1-hour upper curve.
$5,368.45: Previous high 1-day, pivot point 1-day R1, 23.6% Fib level weekly and Bollinger Band 4-hour upper.
$5,422.85: Pivot point 1-day R2 and pivot point 1-week R1.
As far as support is concerned, Bitcoin price managed to defend $5,200 again. Besides, there is massive support congestion between $5,150.76 and $5,205.18 range. It is important that the price stays above this range and avoid dips beneath because Bitcoin could plummet to levels around $4,769.85 and $4,661.01 for lack of significant support. The confluence at these support areas are:
$5,150.76 - $5,205.18: Bollinger Band 1-hour lower curve, previous low 1-day, 5 SMA 15’, 10 SMA 15’, 100 SMA 1-hour, Bollinger Band 4-hour middle, previous low 4-hour, Bollinger Band 15 min lower, 61.8% Fib level weekly, pivot 1 daily S3, 50 SMA 4-hour and 200 SMA 1-hour.
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