- Bitcoin price bulls are working hard to recover the ground above $6,000 in a bid to retest the $7,000 resistance zone.
- BTC/USD price lack of strong support hints that a freefall back to $5,000 is possible.
Bitcoin price is struggling to clear the resistance at $6,000 after falling victim to another bearish wave over the weekend. Looking back, the price recovery sharply from lows under $4,000 stepping above $5,000. Further bullish action tested at $6,000 twice but a breakout did not materialize until Friday last week when Bitcoin soared to test $7,000.
Meanwhile, the price is trading at $5,922 on Monday during the European trading hours. Bullish action has accrued gains of 1.8% on the day from $5,818 (opening value). An intraday high has been formed at $5,997 leaving $6,000 tested but unconquered. Besides, the existing trend is bearish amid shrinking volatility levels.
Bitcoin price confluence levels
Resistance one: $5,978 – Highlighted by the SMA five one-day.
Resistance two: $6,039.75 – Bollinger Band 15-minutes upper, Fibo 38.2% one week, BB 1-hour middle curve, previous high 4-hour and Fibo 38.2% one-day.
Resistance three: Fibonacci 23.6% one-week.
Support one: $5,856 – Highlights the previous low 15-mins and previous low one-hour.
Support two: $5,733 – Previous low one-day and the pivot point one-month support three.
Based on the above confluence levels, Bitcoin price is only one bump (resistance at $6,039) away from soaring to highs close to $7,000. However, if this resistance is not cleared chances are that a slide towards $5,000 is imminent in order to create fresh demand with buyers able to buy low.
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