18.4 C
Amsterdam
1 August 2021
PumpMoonshot
Image default
Bitcoin

BTC/USD Crypto Signal | ELEVENEWS

  • Market ignore conflicting fundamental developments.
  • BTC/USD is rangebound, which means that the imminent breakthrough may result in a sharp movement.

BTC/USD is changing hands at $3,542, unchanged both on a day-over-day basis and since the beginning of Thursday. The first digital coin has been lethargic recently, squeezed between $3,600 on the upside and $3,490 on the downside.  The conflicting news only makes matter worse.

While some states in the U.S. are softening their position towards cryptocurrencies – Wyoming is about to legalize Bitcoin as a means of payment, and Pennsylvania excludes digital assets from MTA – the SEC seems to remain skeptical. CBOE had to withdraw its application with the regulator, allegedly, to avoid adverse ruling.

BTC/USD the daily confluence detector

Bitcoin’s recovery is hampered by a cluster of strong technical levels. Located just above the current price, the limit Bitcoin bulls’ ability to proceed to the cherished $3,600.
The confluence of technical indicators includes a host of SMA levels (SMA100 1-hour, SMA100 15-min and SMA10 4-hour), 23.6% Fibo retracement daily, 38.2% Fibo retracement monthly,

Bollinger Band 15-min both lower and middle lines, 38.2% Fibo retracement weekly and 61.8% Fibo retracement daily.

If the price manages to claw its way through this resistance area and pass through the previous day high at $3,612, the short-term technical picture will improve slightly. The next significant resistance is located at $3,700 with Bollinger Band 1-day Middle and the highest level of the previous week making it a hard nut to crack.

The ultimate short-term resistance is seen at  $3,850 (Pivot point 1-week Resistance 2, and 61.8% Fibo retracement Monthly).

Below the current price, the BTC/USD is supported by minor SMA levels, 23.6% Fibo retracement weekly, Bollinger Band 15-min (both lower and middle lines), Bollinger Band 4-hour lower, Pivot Point 1-day Support 2.

Basically, the technical levels are scattered all the way down the lowest level of the previous week at $3,480. Once it is cleared, the sell-off will continue towards interim support at $3,400 (23.6% Fibo retracement Monthly), and to the ultimate $3,126 – the lowest level of 2018.

BTC/USD, 1D

Related posts

Ripple-Affiliated XRP Climbs Back to $0.35 as Bitcoin Hits $38,000

PumpMoonshot

Bitcoin ETF will not be automatically approved due to US government shutdown, says litigation attorney

PumpMoonshot

Dr. Doom softens stance on Bitcoin, admits the potential of the cryptocoin

PumpMoonshot

Leave a Comment