- BTC/USD climbs back above $3,700.
- A move above $3,800 is needed to mitigate bearish pressure.
BTC/USD is trying to develop a recovery from a strong support area created by DMA100 at $3,686. The first digital coin managed to climb marginally above $3,700, but the upside momentum is still too weak to count on a spectacular recovery.
Anyway, we will need to see a sustainable move above $3,800 handle to mitigate immediate downside risks. Otherwise, $3,500 will become our next stop on the way to the South.
BTC/USD the daily confluence detector
We have quite a number of strong technical levels clustered below the current price. Apart from the above said DMA100, they include all sorts of short-term SMA levels, middle lines of Bollinger Bands on 1 hour and 15-min charts, 23.6% Fibo retracement daily.
This support area goes all the way down to $3,680 and closely followed by the next barrier created by a confluence of SMA200 (4-hour) and 61/8% Fibo retracement monthly on approach to $3,650.
A sustainable move below the said area will clear the way towards $3,400 with Pivot Point 1week Support 2 and Pivot Point 1month Support 1 located below the psychological barrier.
The way to the North starts with a sustainable recovery above $3,800. This resistance is created by a confluence of technical indicators, including DMA5, SMA100, 1hour, the midline of Bollinger Band 4hour and 23/6% Fibo retracement weekly.
The next resistance comes on approach to $3,900 (38.2% Fibo retracement weekly and monthly, the upper line of Bollinger Band 4hour) and followed by psychological $4,000 with Fibo 23.6% monthly and 61.8% Fibo retracement weekly located marginally above this area.
BTC/USD, 1D
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