- BTC/USD failed to settle above $3,800 amid rangebound trading.
- Strong support is seen on approach to $3,600.
BTC/USD stays under $3,800 handle after an unconvincing recovery attempt. The digital coin is locked in a tight range after roller-coaster movements during the weekend with the market focused on technical and speculative factors.
Cryptocurrency experts believe that Bitcoin will recover towards the end of the year; however, they do not rule out another gel down before a sustainable move higher.
Thus, Peter Brandt said recently, that the downside correction is not entirely over.
BTC/USD the daily confluence detector
An active resistance area is created on approach to $3,850 by a confluence of technical indicators, including 23.6% Fibo retracement daily, 38.2$ weekly and 61.8% monthly, the midline of 1-hour Bollinger Band.
Once it is out of the way, the upside may be extended towards $3,900 guarded by SMA50 4hour, SMA200 1hour, and midline of 4-hour Bollinger Band. The ultimate short-term resistance lies with psychological $4,000.
On the downside, the most critical short-term support is located on the approach to $3,600 with DMA50. A sustainable move below this area will bring $3,530-$3,500 with 23.6% Fibo retracement monthly back into focus. The next support is seen at $3,341, which is the lowest level of January.
BTC/USD, 1D
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