BTC bears regain control as $29,500 support beckons. Lack of healthy support levels favor the sellers on Saturday. Recapturing $33,479 is needed to keep the buyers alive in the game. After almost a down week, Bitcoin (BTC/USD) witnessed a dead cat bounce Friday, although the sellers returned this Saturday amid a fresh selling-wave seen across the cryptos space. The most favorite digital asset is down nearly 4.50%, pressuring $31,500, as of writing. The coin failed to find acceptance above the $33K mark, prompting the bears to take over control. How Bitcoin is positioned on the technical graphs? The Technical Confluences Indicator shows that the price is accelerating its decline towards the critical support at $29,500, which is the convergence of the previous month and year high. En-route the abovementioned powerful cap, the BTC bears could challenge a soft cushion aligned at $31,100. That level is the intersection of the Fibonacci 23.6% one-week and Bollinger Band one-day Lower. A breach of the last could threaten the $29,800 level, opening floors towards the $29,500 downside target. Alternatively, the BTC bulls need to find acceptance above the intraday highs of $33,479 to refuel the recovery momentum. This is the point where the Bollinger Band four-hour Middle and pivot point one-month R1 also meet. The next upside barrier is seen just above the previous day high. At $34,100, the SMA100 one-day lies. The confluence of the SMA5 one-day and Fibonacci 61.8% one-week at $34,350 could challenge the bulls’ commitment, as the No.1 coin looks to the $40K barrier once again. Here is how it looks on the tool About Confluence Detector The TCI (Technical Confluences Indicator) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. Learn more about Technical Confluence FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next UK minister to discuss tighter travel curbs – BBC FX Street 1 year BTC bears regain control as $29,500 support beckons. Lack of healthy support levels favor the sellers on Saturday. Recapturing $33,479 is needed to keep the buyers alive in the game. After almost a down week, Bitcoin (BTC/USD) witnessed a dead cat bounce Friday, although the sellers returned this Saturday amid a fresh selling-wave seen across the cryptos space. The most favorite digital asset is down nearly 4.50%, pressuring $31,500, as of writing. The coin failed to find acceptance above the $33K mark, prompting the bears to take over control. How Bitcoin is positioned on the technical graphs? The Technical Confluences… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
