- BTC/USD bulls need defend $5,400.
- The coin has been under pressure since Wednesday.
Bitcoin (BTC) bottomed out at $5,375 and recovered towards $5,425 by the time of writing. The price managed to return to the area above $5,400, however, the upside momentum is nowhere to be seen, which means the largest crypto asset may be in for a rangebound period.
Bitcoin confluence levels
All the strong barriers are above the current price, which means that the trip to the downside is the path of least resistance. Meanwhile, a confident movement above the resistance area will create a strong stimulus for an extended recovery.
Resistance levels
- $5,4500- middle line of 1-hour Bollinger Band, middle line of 4-hour Bollinger Band, SMA100 and SMA50 15 min, 23.6% Fibo retracement daily.
- $5,500 – upper boundary of 1-hour Bollinger Band, 38.2% Fibo retracement daily, SMA10, 4-hour
- $5,600-$5,630 – the highest level of the previous day, Pivot Point 1-week Resistance 2.
Support levels
- $5,400-$5,375 – the lowest level of the previous day, DMA5
- $5,200 – 38.2% Fibo retracement weekly, middle line of 1-day Bollinger Band
- $5,100 – 61.8% Fibo retracement weekly, Pivot Point 1-day Support 3.
BTC/USD, 1-day
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