Bitcoin Price Prediction: BTC/USD recovery falls short of $6,300, will $6,050 even hold? – Confluence Detector
|- Bitcoin price rises above $6,000 in an attempt to reclaim support at $6,200.
- A breakout above $6,437 seller congestion zone could give way for gains towards the coveted $7,000 zone.
Bitcoin price has pulled the bullish leg higher on Monday, reclaiming the ground above $6,000. The weekend session losses tested the support at $5,800 after the buyer congestion at $6,200 failed to hold amid the drop from Friday levels close to $7,000. The bullish momentum started during the Asian session but most of the action is taking place in the European session.
BTC/USD is trading at $6,188 at the time of writing. It has adjusted from an intraday high of $6,256. On the downside, an intraday low was formed at $5,854. Bitcoin price remains in the bullish hands even though the 5.48% gains on the day still fall short of the support turned resistance at $6,200.
Bitcoin confluence levels
Bitcoin is stack between stacks of resistance and support zones according to confluence levels. This means that there is a huge probability that a ranging action could take precedence between $6,179 (initial support) and $6,308 (initial key resistance) in the coming sessions. However, a break above the second hurdle at $6,437 highlighted by the SMA 50 4-hour, the Bollinger Band 4-hour middle curve and the SMA 200 1-hour would culminate in an extended bullish action towards the coveted $7,000.
On the flip side, Bitcoin price is still vulnerable to losses under $6,000 but the buyer congestion zone at $6,049 will try to hold. This zone hosts several indicators such as the previous high 4-hour, Fibonacci 38.2% one-day, BB 15-minutes middle curve and the previous low 1-hour.
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