Bitcoin price prediction: Bulls exhausted above $4,000 - Confluence Detector
- BTC/USD stalled marginally above $4,000.
- The upside momentum is receding, more rangebound trading may be in store.
Bitcoin (BTC) managed to settle above $4,000 handle, however further upside is limited. The momentum has faded away on approach to $4,070 barrier. We may enter another consolidation phase if the bulls fail to push the price higher.
Bitcoin confluence levels
Below the current price, BTC is supported by a confluence of string technical indicators, including 23.6% Fibo retracement monthly and daily, 38.2% Fibo retracement daily, 61.8% Fibo retracement weekly, lower boundary of Bollinger bands on 15-min and 1-hour charts, SMA10 4-hour,
Once it is cleared, Bitcoin bears will face another barrier on approach to $3,950. It is strengthened by SMA100 1-hour, DMA5, 23.6% Fibo retracement weekly and 61.8% Fibo retracement daily.
Basically, the move to the South is packed with barriers up until $3,800, They include such strong technical levels as DMA50, SMA200 4-hour, SMA100 4-hour and the middle line of BB on a daily chart.
Above the current price, we have a hurdle on approach to $4,070 with upper line of daily and 4-hour Bollinger Bands. Once it is cleared, the recovery may be extended towards $4,186 (previous month high) and psychological $4,200.
BTC/USD 1D
Author
Tanya Abrosimova
Independent Analyst
