- BTC/USD is not ready to leave the tight range as of yet.
- An ultimate resistance is seen at $3,800.
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
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