BTC/USD: Price weighed below huge stacks of resistance - Confluence Detector

  • BTC/USD bulls face a big stack of resistance from 3,550 to $3,650.
  • BTC/USD is currently trading at $3,564 and fall all the way to $3,350 before meeting any significant support line.

BTC/USD bulls face a massive stack of resistance up ahead according to the daily confluence detector. Currently trading at $3,564, the price could fall to $3,350 before meeting any significant support line.

BTC/USD daily confluence detector

According to the daily confluence detector, the resistance stack lies between $3,650 and $3,550. The confluences in this area are as follows: Daily 161.8% Fibonacci retracement level, 50-day simple moving average (SMA 50), monthly 38.2% Fibonacci retracement level, daily pivot point, weekly 23.6% Fibonacci retracement level, hourly Bollinger band upper curve, daily previous high, SMA 5, 4-hour Bollinger band upper curve, SMA 10, daily 61.8% Fibonacci retracement level, SMA 50, SMA 200, SMA 100, and hourly Bollinger band middle curve.

The support levels are at $3,350 and $3,150. The confluences at those levels are:

  • $3,350: Previous week low and previous month low.
  • $3,150: Previous year low and monthly pivot point.
     

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.