BTC/USD: Bulls face only one critical line of resistance - Confluence Detector
- BTC/USD bulls need to breach only one substantial line of resistance at $3,650.
- Daily confluence detector shows multiple strong lines of support.
BTC/USD can face a period of substantial growth as bulls face only one strong line of resistance at $3,650. The market faces multiple strong lines of support which can prevent the bulls from taking over the market.
BTC/USD daily confluence detector
According to the daily confluence detector, BTC/USD has one prominent line of resistance at $3,650 which sees a confluence of - weekly 23.6% Fibonacci retracement level, 50-day simple moving average (SMA 50), 4-hour Bollinger band upper curve, daily previous high, monthly 38.2% Fibonacci retracement level, daily 61.8% Fibonacci retracement level, SMA 5, and daily pivot point.
The confluence detector also shows three lines of support at $3,575, $3,540, and $3,150. The confluences at those levels are as follows:
- $3,575: 15-min lower Bollinger band, 4-hour previous high, weekly 38.2% Fibonacci retracement level, hourly previous low, SMA 10, daily 23.6% Fibonacci retracement level, SMA 50, hourly Bollinger band, and SMA 200.
- $3,540: Daily Pivot Point, SMA 200, SMA 50, SMA 10, and monthly 23.6% Fibonacci retracement level
- $3,150: Previous year low and monthly pivot point.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
