- BTC/USD has little scope for growth as significant resistance levels hamper bulls.
BTC/USD went up from $5,190 to $5,200 as markets opened this Wednesday. Three significant resistance levels are hampering the bulls, making further growth challenging even though they have momentum. On the negative side, if the bears can get past supports at $5,190 and $5,165, then the price may plummet down to $5,075 before it meets another moderate-strong support level.
Significant resistance levels lie at $5,190, $5,225, $5,245, and $5,360. The confluences at those levels lie at:
- $5,225: 5-day simple moving average (SMA 5), 15-min Bollinger band middle curve, 10-day simple moving average, hourly Bollinger band middle curve, SMA 50, SMA 10, and hourly previous high.
- $5,245: Daily 61.8% Fibonacci retracement level, hourly Bollinger band upper curve, and 15-min Bollinger band upper curve.
- $5,360: Previous week high and daily pivot point resistance 2.
Support levels lie at $5,165, $5,075, and $5,050. The confluences at those levels lie at:
- $5,190: Daily 23.6% Fibonacci retracement level, hourly previous low, 15-min Bollinger band lower curve, and 4-hour Bollinger band middle curve.
- $5,165: Daily previous low and SMA 5.
- $5,075: 4-hour Bollinger band lower curve and daily pivot point support 2.
- $5,050: Weekly 23.6% Fibonacci retracement level.