- BTC/USD returns to $3,400 after short-lived recovery.
- Brea below this support will crash BTC towards 2018 low.
BTC/USD has returned to $3,400 support after an unsuccessful attempt to break above $3,450 resistance area. The first digital coin is rangebound with no clear signals of the future recovery. The Relative Strength Index is neutral, staying close to oversold territory.
BTC/USD the daily confluence detector
At this stage, everything depends on whether BTC/USD manages to stay above $3,400 handle. If the selling pressure is intense enough to take the price below this barrier, $3,200 and $3,127 will come into focus. This is the only meaningful support on the way down, created by Pivot Point 1-month Support 1.
Above the current price, the nearest resistance is created at $3,450 by a confluence of technical indicators, including SMA10, SMA5 15-min, the lower boundaries of the Bollinger Bands on both 15-min and 1-hour charts, 38.2% Fibo retracement level, the lowest level the previous week and SMA10 4-hour.
Once this area is cleared, the recovery may be extended towards psychological $3,500 and to the next congestion area $ 3,560/70, strengthened by SMA100 4-hour, Pivot Point 1-day Resistance 3, and 38.3$ Fibo retracement monthly.
BTC/USD, 1D
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