Bitcoin price prediction: BTC/USD bulls return as the trend leaves the limbo- Confluence Detector
Crypto News

Bitcoin price prediction: BTC/USD bulls return as the trend leaves the limbo- Confluence Detector

  • Bitcoin price managed to defend the support at $3,800 is trending 0.25% higher Thursday.
  • Bitcoin could easily zoom above $4,200 and focus on $4,500.

The mixed red and green situation in the market will not last long as markets begin to revamp the trend. Bitcoin price, which has managed to defend the support at $3,800 is trending 0.25% higher Thursday. Other assets following in the footsteps of BTC/USD include Ethereum up 0.11%, Litecoin up 1.94%, EOS up 1.46%, Monero up 1.27% and Ethereum Classic up 2.27%.

Bitcoin is expected to resume the uptrend above $3,900 in the short-term; a move that will bring $4,000 critical level insight and even revive the hopes of a correction above the stubborn $4,200 level.

According to the confluence detector, Bitcoin only needs  to overcome the resistance at $3,883.70 to ignited gains to higher levels. A broader look at the tool shows few or weak resistance hurdles. The confluence of indicators at the initial resistance; $3,883.70 include the previous high 15-minutes, 23.6% Fibonacci retracement level 1-day and the Bollinger Band 1-hour upper. A correction above this level is expected to face more resistance in a range between $3,923 and $4,004.25. The confluence of indicators at this range includes the Bollinger Band 4-hour upper, the pivot point 1-day R2, the pivot point 1-day R3, the 61.8% Fib level weekly and 23.6% Fibo 1-minute. Above this range, Bitcoin could easily zoom above $4,200 and focus on $4,500.

Meanwhile, support is observed at $3,803.34 highlighted by 23.6% Fibo weekly, the 100 SMA 1-hour, the Bollinger Band 4-hour middle, the Bollinger band 1-day middle, the 5 SMA daily range, the 200 SMA 1-hour, the 50 SMA 4-hour and the 10 SMA daily range.

Bitcoin bulls should ensure that the price does not slide below the support at $3,803.34 because such a move could pave the way for sharp declines towards $3,500 and even breakdown further to $3,000.

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.