Rajarshi Mitra
Independent Analyst
- 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.
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.
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