- BTC/USD stalled marginally above $4,000.
- The upside momentum is receding, more rangebound trading may be in store.
Bitcoin (BTC) managed to settle above $4,000 handle, however further upside is limited. The momentum has faded away on approach to $4,070 barrier. We may enter another consolidation phase if the bulls fail to push the price higher.
Bitcoin confluence levels
Below the current price, BTC is supported by a confluence of string technical indicators, including 23.6% Fibo retracement monthly and daily, 38.2% Fibo retracement daily, 61.8% Fibo retracement weekly, lower boundary of Bollinger bands on 15-min and 1-hour charts, SMA10 4-hour,
Once it is cleared, Bitcoin bears will face another barrier on approach to $3,950. It is strengthened by SMA100 1-hour, DMA5, 23.6% Fibo retracement weekly and 61.8% Fibo retracement daily.
Basically, the move to the South is packed with barriers up until $3,800, They include such strong technical levels as DMA50, SMA200 4-hour, SMA100 4-hour and the middle line of BB on a daily chart.
Above the current price, we have a hurdle on approach to $4,070 with upper line of daily and 4-hour Bollinger Bands. Once it is cleared, the recovery may be extended towards $4,186 (previous month high) and psychological $4,200.
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.