• BTC/USD is in dormancy, waiting for something to happen.
  • The range is the same: $3,800-$3,900.

No wonder that we cannot proceed any further from where we are. The market is stuck between a rock and a hard place. Lack of focus on fundamentals and purely speculative trading makes it hard to foresee the movements.

However, one thing is sure: a sustainable breakthrough in either direction will set the ball rolling. BTC has been sitting in a tight range for too long, building momentum and waiting for an opportunity.

At the time of writing, BTC/USD is changing hands at $3,840, mostly unchanged in recent 24 hours.

BTC/USD the daily confluence detector

The resistance zone above the current price thickens. It goes all the way up to $3,920 and serves as a substantial barrier for BTC bulls. This area contains a series of significant technical including:

  • Midline Bollinger Band on 1-hour, 4-hour and daily charts, the upper boundary of 1-hour Bollinger Band, upper and middle line of 15-min Bollinger Band.
  • A series of significant SMA levels including SMA200 and SMA100 (1-hour), DMA5 and DMA10, SMA50 (4-hour) and a host of 15-min SMA levels.
  • Fibo retracement levels (38.2% daily and monthly, 23.6% weekly. 61.8% daily)

Once we manage to plow through, $4,000 and $4,200 will jump back into focus with very little in terms of resistance levels that may stop the upside. Most likely, the decisive breakthrough will result in a strong upside movement.

Below the current price, the support is created by SMA100 (4-hour), 23.6% Fibo retracement daily, 38.2% Fibo retracement weekly, lower boundaries of 1-hour and 4-hour Bollinger Bands.

A move below those barriers will take us under $3,800 with the next support seem around $3,700. It is created by DMA50, the lower line of daily Bollinger Band and 61.8% Fibo retracement monthly

BTC/USD, 1D

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP