Tanya Abrosimova
Independent Analyst
- BTC/USD is back at $3,800 after a short recovery.
- $3,900 remains unbroken.
BTC/USD attempted to make its way towards $3,900. However, the price stopped short of the said level amid strong speculative interest located on approach. BTC/USD is changing hands at $3,810, practically unchanged on a day-on-day basis and down 3% in recent seven days.
The fundamental development has been somewhat positive in the crypto space lately. Thus, Julius Baer, the largest private bank in Switzerland, jumped the crypto bandwagon, by offering crypto services to its customers. The company entered a partnership deal with SEBA Crypto AG. Also, Singapore-based wealth fund GIC is said to participate in Coinbase financing round, singling a wider cryptocurrency adoption among large institutional investors.
BTC/USD the daily confluence detector
There is a cluster of critical technical levels right below the current price that goes all the way down to $3,700. The confluence of barriers include:
- DMA100, SMA100 4hour
- Fibonacci retracement level (23.6% daily)
- Lower boundaries of Bollinger Bands on 1-hour and 4-hour charts
Once we manage to pass this area more critical support around $3,600 will come into focus. It is strengthened by DMA100 which makes it a hard nut to crack for the bears.
The next barrier comes on approach to $3,400 with the lower line of daily Bollinger Band. It is followed closely by SMA200 weekly at $3,380.
On the upside, we still have a pack of technical barriers all the way up to $3,900, including a host of SMA levels, middle line of Bollinger Band 1-hour and 4-hour, Fibonacci retracement 38.2% (daily, monthly and weekly), and Fibo retracement 23.6% weekly.
The next resistance lies with psychological $4,000 with Fibo 23.6% monthly on approach, and $4,200 supported by Pivot Point 1-month Resistance 1 and February high.
BTC/USD, 1D
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.