Bitcoin price prediction: BTC/USD bulls defend $3,600

BTC/USD recovery stopped at $3,707.
Bitcoin sandwiched between strong technical levels.

BTC/USD was hovering around $3,600 handle after a volatile Friday when the cryptocurrency market gained over $10B in a matter of hours. While there are no clear fundamental reasons that might have explained the stellar growth, a breakthrough an essential technical resistance at $3,500 gave Bitcoin a massive boost and allowed to test $3,707, the highest level nearly in a month.

The market has entered a profit-taking phase; however, the short-term picture remains positive even despite Bitcoin’s decline over $1.3% on a day-over-day basis.

BTC/USD the daily confluence detector

Considering a thick cluster of stain technical levels around the current price, we may suggest that the coin will continue to oscillate in a narrow range around $3,600 handle. A sustainable move in either direction will set the tone for the nearest future.

BTC/USD recovery is blocked by a strong resistance zone located right above the current price. It is created by the confluence of the following technical indicators: a host of SMA levels, Bollinger Band 1-hour Middle, Bollinger Band 4-hour Middle, Bollinger Band 15-min Middle, 38.2% Fibo retracement daily, 61.8% Fibo retracement daily, 23.6% Fibo retracement weekly.

To overcome this barrier, we need to see a sustainable move above $3,650 and above the recent high at $3,707. This will bring $3,900 into focus, guided by Pivot Point 1-month Resistance 3.

Below the current price, the string support is created on approach to $3,550 (23.6% Fibo retracement monthly, DMA5, Pivot Point 1-week Support 3 and 161.8% Fibo projection Daily.

This area is followed by psychological $3,500 strengthened by SMA100 4-hour, SMA50 4-hour, SMA200 1-hour, Bollinger Band 4-hour Lower, Fibo retracement 61.8% weekly.
Previous week and Previous month low at $3,341 serves as Ain interim support that will open the way towards the previous year low at $3,127.

BTC/USD, 1D

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.