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.

Rajarshi Mitra Independent Analyst

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.

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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