- BTC/USD bulls cleared several important resistance levels.
- Short-term correction from overbought territory is possible.
Bitcoin (BTC) catapulted to $5,630 during Asian hours and, despite technical retracement from an overbought territory, the price of the first digital coin is still above crucial $5,500.
Bitcoin confluence levels
All the strong barriers are broken, which creates a positive environment for further upside. However, on the intraday charts, the Bitcoin is overbought, meaning that the further retracement is not completely out of the question.
$5,600 – Pivot Point 1-week Resistance 2, previous high, 15-min, upper line of 15-min Bollinger Band.
$5,600 – Pivot Point 1-week Resistance 3.
$5,450-$5,450 – upper line of 4-hour Bollinger Band, SMA10, 1-hour, Pivot Point 1-week, Resistance 1.
Previous week high.
$5,400-$5,380 – 61.8% Fibo retracement daily, 38.2% Fibo retracement daily, middle line of 4-hour Bollinger Band, SMA10 4-hour, SMA200, 15-min.
$5,270 – SMA50 4-hour, SMA200 1-hour, 23.6% Fibo retracement weekly, lower line of 1-hour Bollinger Band.
$5,200 – 38.2% Fibo retracement weekly, SMA100 4-hour.