BTC/USD market has potential for growth as no strong lines of resistance observed- Confluence Detector

  • BTC/USD daily confluence detector shows no distinct lines of resistance.
  • BTC/USD has strong support at $3,340.

As earlier reported by FX Street, BTC/USD bulls are trying to stabilize the price after the sudden bearish drop in the crypto market. The market is currently resting on $3,370 support line. Looking at the daily confluence detector, it seems like the market has the potential not just to stabilize but to increase in valuation as well.

BTC/USD daily confluence detector

The first noticeable thing in the confluence detector is the lack of any significant lines of resistance. The BTC/USD resistance levels are at $3,380, $3,395, and $3,425. The confluence in these levels are as follows:

  • $3,380: 15 min Bollinger band upper curve, hourly Bollinger band upper curve, daily 38.2% Fibonacci retracement level.
  • $3,395: 200-day simple moving average (SMA 200) curve, SMA 50 curve, weekly 23.6% Fibonacci retracement level.
  • $3,425: SMA 5 and SMA 10.

The support levels in the BTC/USD market are $3,370 and $3,345. The confluences in those levels are:

  • $3,370: 15 min Bollinger band lower curve, daily 23.6% Fibonacci retracement level, SMA 50, SMA 10, hourly Bollinger band middle curve, SMA 5.
  • $3,345: Daily previous low, monthly previous low, and weekly previous low.

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