BTC/USD needs to break past two resistance levels to move upto $4,000 - Confluence Detector

BTC/USD went up from $3,700 to $3,832 this Tuesday on market speculation.
BTC/USD daily confluence detector shows that the market needs to break past two resistance levels to reach $4,000 valuation.

Rajarshi Mitra Independent Analyst

BTC/USD went up from $3,700 to $3,832 this Tuesday on market speculation. To reach the $4,000 valuation, BTC/USD will need to break past two strong resistance levels at $3,865 and $3,890. Worryingly though, the market isn’t supported by any strong support levels.

BTC/USD daily confluence detector

According to the BTC/USD daily confluence detector, the resistance levels are at $3,865 and $3,890. Confluences at those levels are:

$3,865: Weekly Fibonacci 38.2% retracement level and monthly Fibonacci 38.2% retracement level.
$3,890: Hourly Bollinger band upper curve and daily Fibonacci 161.8% retracement level.

The support levels are at $3,770- $3,790 and $3,730. The confluences at those levels are:

$3,770- $3,790: Weekly Fibonacci 23.6% Fibonacci retracement level, 100-day simple moving average (SMA 100), daily pivot point resistance 1, SMA 5, daily Bollinger band middle curve, and 4-hour Bollinger band middle curve.
$3,730: Daily Fibonacci 38.2% retracement level.

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.

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