- BTC/USD motionless trading means that bullish pressure is equal to the bearish pressure.
- Bitcoin bulls must defend the $3,800 and $3,700 support zones to avoid further breakdown towards $3,500.
BTC/USD is stuck below $3,900 amid the ow trading activity on the market. The sideways trading is not only unique to Bitcoin but has affected the majority of cryptocurrencies. According to the confluence detector tool, BTC/USD motionless trading means that bullish pressure is equal to the bearish pressure. Bitcoin is valued at $3,848 at the time of writing.
Marginally above the current market value rests the first resistance at $3,868.06. The confluence of indicators at this level include the previous high 15-minutes, the 5 SMA 4-hour, the Bollinger Band 15′ upper, the 50 SMA 15′ and the 23.6% Fib level weekly chart.
For a short-term bullish momentum, Bitcoin must clear this hurdle and focus on breaking past $3,900. This move is likely to ignite gains above $4,000 and even test the $4,200 critical level.
However, failure to do so could send Bitcoin further down towards $3,700; a move that could lead to further breakdown towards $3,500. It is essential that the bulls defend the $3,800 and $3,700 to avoid lower corrections.
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