Bitcoin price prediction: bears and bulls forces are evenly matched - Confluence Detector

Bitcoin has been subdued for the most of the week, trading in a tight range limited by $3,500, and psychological $3,700. Market players are in no hurry to push the coin in either direction despite some positive fundamental developments. 
 
Obviously, Cryptopia hack attack and 51% attack on Ethereum Classic network brought security issues to the limelight and discouraged investors from buying digital assets at this stage.

BTC/USD the daily confluence detector

BTC/USD is well supported by a confluence of strong technical level, located right above the current price. They include a host of SMA levels, 38.2% Fibo retracement level daily, Bollinger Band 1-hour Middle and Bollinger band 4-hour Middle,  Bollinger Band 15-min Middle, the previous low 1-hour, and the previous low 4-hour.

A move below will increase the bearish pressure and take the price to the next barrier $3,560. This support level is created by the previous week low and 38.2% Fibo retracement 1-month. 

Once it is cleared, the next support at $3,500 will come into focus, strengthened by  Bollinger Band 1-day Lower, and Pivot Point 1-week Support 3. Psychological $3,400 is guarded by 23.6% Fibo retracement level, monthly.

On the upside, the initial resistance is created by SMA100 1-hour, SMA50 4-hour, 23.6% Fibo retracement level daily, the previous high 1-hour, the previous high 4-hour, and Bollinger Band 15-min Upper. This hurdle is located right above the current price. Once it is cleared, a stronger barrier at $3,700 will come into focus. It is guarded by  Bollinger Band 4-hour Upper.

The critical resistance zone is seen at $3,800 with 38.2% Fibo retracement level weekly and Bollinger Band 1-day Middle on approach.

BTC/USD, 1D