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.

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