BTC/USD has clear path to $4,000 if bulls can get past resistance at $3,900 - Confluence Detector
- BTC/USD has gone up from $3,626 to $3,883 in the last two days with even more potential for growth.
- The daily confluence detector shows only one line of support at $3,830 which means that the bears can take control of the market if the bulls are not too careful.
BTC/USD has enjoyed a pretty bullish couple of days, going up from $3,626 on Monday, February 18th, to $3,883 on Wednesday, February 20th. The market still has immense potential for growth, according to the daily confluence detector. BTC/USD bulls can breach past the $4,000 resistance level, provided they can break past the strong resistance level at $3,900.
Worryingly though, the BTC/USD market only has one significant line of support at $3,830, which should motivate the bears to take action.
BTC/USD daily confluence detector
According to the BTC/USD daily confluence detector, the resistance levels lie at $3,960 and $3,900. The confluences at those levels are:
- $3,900: 15-min previous high, 5-day simple moving average (SMA 5), SMA 100, monthly pivot point resistance 1, and SMA 10.
- $3,960: SMA 100, daily pivot point resistance 1, and 15-min Bollinger band upper curve.
The only significant support line lies at $3,830. The confluence on that level is as follows - the monthly 61.8% Fibonacci retracement level, SMA 200, and SMA 50.
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.
