- BTC/USD bulls stop short of $5,200.
- The price is sandwiched between strong support and resistance areas.
Bitcoin (BTC) extended Tuesday’s gains during early Asian hours and touched $5,271 before retracing to $5,220. The largest digital asset is moving within an upside channel as long as $5,000 remains unbroken.Bitcoin
Bitcoin confluence levelsBitcoin confluence levels
All the strong barriers passed by BTC/USD on Tuesday have turned into support levels, which means that the cryptocurrency is positions for the further recovery, provided that the overall sentiments on the cryptocurrency market remain upbeat.BTC/USDcryptocurrency market
Resistance levelsResistance levels
- A cluster of technical levels located right above the current price include an upper and a middle line of 15-min Bollinger Band, short-term SMA levels, and an upper line of 4-hour Bollinger Band.
- The highest level of the previous 4 hours and 38.2% Fibo retracement weekly separates the coin from $5,300 handle. Once this barrier is out of the way, the recovery may be extended towards $5,350 (23.6% Fibo retracement weekly).
- The critical barrier $5,400 is strengthened by a Pivot Point 1-week Resistance 1 and Pivot Point 1-day Resistance 3 and followed by the previous week high at $5,468.
Support levelsSupport levels
- Below the current price, the strong support area is registered bdlow $5,200. It is created by SMA200 and SMA50 4-hour, SMA100 1-hour, 38.2% Fibo retracement daily, 61.8% Fibo retracement weekly, and a middle line of a 4-hour Bollinger Band.
- The next support comes at $5,000 (SMA100, 4-hour, lower boundary of 4-hour Bollinger Band).
- Once it is cleared, the sell-off may be extended towards $5,450 (middle line of 1-day Bollinger Band).