- Bitcoin technical levels are positive while it is trending within another stronger support range.
- The bulls appear are gaining traction and Bitcoin is inclined to move upwards.
The market is back in the green after several hours of staying the red following the declines yesterday morning (GMT). Bitcoin lost its bearish on failing to step above $3,440 resulting in a tailspin move that saw it tumble below $3,400 and $3,380 support levels. The declines continued towards $3,340 but Bitcoin found support at $3,350.
At press time, the largest digital asset by market capitalization is changing hands at $3,365. In spite of the declines, BTC is still trading between a core support zone between $3,000 and $3,500. A broader look at the chart over a longer period of time shows that the assets technical levels are positive while it is trending within another stronger support range between $3,000 and $5,000.
Technical Confluence Detector levels
Bitcoin is currently supported by 15-minutes 100-day Simple Moving Average (SMA). It coincides with the 23.6% Fib retracement level (daily range) and the Bollinger Band (1-hour range) lower. If the price dips further below this level, it will find support at the previous low on the daily chart.
However, the bulls appear to be gaining traction and Bitcoin is inclined to move upwards as opposed to deflating in the near-term. A correction above $3,400 will meet a high seller concentration at $3,428.65; highlighted by the hourly 200-day SMA, the 4-hour 50-day SMA, and the one week 38.2% Fibonacci level. Sustained growth above this will remain largely unopposed towards $3,500.
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