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Bitcoin price prediction: Risks are heavily skewed to the downside   - Confluence Detector

  • BTC/USD is blocked by strong resistance above the current price.
  • There is little in terms of support levels until $3,127.
Bitcoin price prediction: Risks are heavily skewed to the downside   - Confluence Detector
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD is paralyzed at $3,550. The price of the first digital coin has barely moved in recent 24 hours amid depressingly low market volatility and non-existent trading volumes. It is hard to make predictions in such circumstances stances, but it increasingly looks like the risks are skewed to the downside for Bitcoin.

BTC/USD the daily confluence detector

Bitcoin’s recovery depends on whether it manages to surpass $3,600 handle. However, this is no easy task considering a great deal of strong technical levels clustered from above the current price and up to the critical resistance.

These technical indicators include all sorts of SMA levels, Bollinger Band 4-hour Middle, Bollinger Band 15-min Middle, Bollinger Band 1-hour Middle, 38.2% Fibo retracement weekly, 38.2% Fibo retracement daily, 38.2% Fibo retracement monthly, 61.8% Fibo retracement daily.

Most likely, this barrier will limit Bitcoin’s upside potential for the time being. However, once it is cleared, the price might catapult towards $4,000 on triggered stops and new buying orders.

Meanwhile, the way to the downside is clear. There are no serious support levels until 2018 low at $3,127 followed by psychological $3,000.

It looks like numerous experts calling another downside leg before recovery may prove to be right. 

BTC/USD, 1D

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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