Bitcoin: The confluence indicator suggests ranged trading ahead
- BTC faces ample supports in the near term.
- Resistances ample too, make it a ranged trading.
Bitcoin, the poster boy of cryptocurrencies has found itself stuck in a range for the day according to our proprietory tool confluence indicator. Thats a good first sign as long as bulls and bears can capitalise on this range before any next move occurs.
BTC/USD is up more than a percent on day at $3,233 and trading in more than 5 percent range for the day - not usual for the weekend trading where usually ranges are low and volumes are dry. Today is one odd day with higher volume and volatility.
BTC has enough supports just under the current price, at $3,225 in the form of previous daily high, previous 15 minute low and previous pivot point resistance on the daily chart. Below that there are cluster of supports around $3,199 - previous week's low and 10 hours simple moving average on the hourly chart, $3,190 in the form of 61.8 percent fibonacci retracement on the daily chart and $3,175 being bollinger band's middle range on the hourly.
Resistances being at $3,303 in the form of 23.6 percent retracement on the weekly, $3,343 as pivot point resistance and $3,367 as 38.2 percent retracement on the weekly chart.
BTC/USD confluence indicator:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
