Rajarshi Mitra
Independent Analyst
- After repeated attempts, BTC/USD finally managed to cross the critical $7,000 psychological level.
- There are no key resistance levels on the path back to $8,000, as per the daily confluence detector.
BTC/USD daily confluence detector
BTC/USD bulls took charge this Monday and were finally able to break past the critical $7,000 psychological level. The price has gone up from $6,775.54 to $7,292.40 so far. The bulls have previously repeatedly tried and failed to break past the $7,000-level. The daily confluence detector shows a distinct lack of strong resistance levels on the upside. As such, the bulls will want to continue the upward momentum and reach as close to the $8,000 level as they possibly could.
On the downside, they have four strong support levels/stacks at $7,200, $7,000, $6,750-$6,825 and $6,525. $7.200 has the one-hour SMA 10, one-hour Previous Low, 4-hour Bollinger band upper curve and one-month Fibonacci 61.8% retracement level. $7,00 has the one-day Previous High, one-week Fibonacci 23.6% retracement level, 4-hour SMA 10, one-hour SMA 50 and 15-min SMA 200. The stack between $6,750-$6,825 has the one-day Fibonacci 23.6% retracement level, one-week Fibonacci 38.2% retracement level,one-day SMA 5 and 4-hour SMA 200. Finally, $6,525 has the one-day SMA 10 and 4-hour SMA 100.
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
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
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.