Bitcoin Price Analysis: BTC/USD toughest hurdles lie at $6,703 and $6,816 – Confluence Detector

The cryptocurrency market space is starting to turn bullish in the course of the European session after the bears dominated the Asian session. The drab action follows a recovery from the week’s low at $6,466 (also intraday low). The fall to this level occurred after buyers failed to sustain gains above $6,900 let alone break the critical resistance at $7,000.

At the time of writing, Bitcoin price is trading at $6,676 after adjusting upwards from the opening value of $6,621. The prevailing trend is bullish but the low volatility means that investors should not anticipate rapid price movements to the north.

Looking at the 1-hour chart, Bitcoin has tested the region between $6,500 and $6,500 twice in this week. In other words, this is Bitcoin’s current key support area and a possible buy zone in anticipation for gains towards $7,000. A break above $76,700 could easily allow extended bullish action targeting $7,000. However, buyers must be ready to battle several resistance levels at the descending trendline, the 50 SMA and the 100 SMA.

Bitcoin confluence key resistance and support levels

Resistance one: $6,703 – This is the strongest resistance according to the confluence detector. The zone is highlighted by the Bollinger Band 15-minutes upper curve, the SMA 50 15-mins, the previous high 4-hour and the 23.6% Fibo level one-day among others.

Resistance two: $6,816 – Is the second resistance zone and home to the SMA ten 4-hour, the BB 4-hour middle curve, the SMA 200 15-mins, and the Fibo 61.8% one-day.

Resistance three: $7,003 – A break above $7,000 must be strong enough to rise above this zone to ensure that a reversal is kept at bay. Calling this zone home is the SMA 200 1-hour. SMA 50 4-hour and the 61.8% one-week.

Support one: $6,591 – Bitcoin initial support as highlighted by the BB 1-hour lower curve.

Support two: $6,516 – This is the strongest support zone as shown by the pivot point one-day support two.

Support three: $6,404 – Hosts the pivot point one-day support two and the SMA 200 4-hour.