RATE Group | Bulls must retake this level in order to be salvaged from the lows – Confluence Detector
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Bulls must retake this level in order to be salvaged from the lows – Confluence Detector

05 Dec Bulls must retake this level in order to be salvaged from the lows – Confluence Detector

Posted at 18:45h in Bitcoin News by

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Bitcoin and other cryptocurrencies are drifting listlessly and as we have learned from the recent past, this can a calm before the storm. The previous move was a dead cat bounce and we know it can be deadly. 

In order to prevent another fall to the abyss, BTC/USD needs to climb, and fast.

The Technical Confluence Indicator shows that $3,840 is a critical level to overcome. It consists of the Fibonacci 61.8% one-week, the SMA 50-15m, the Fibonacci 23.6% one-day, the SMA 10-15m, and the SMA 10-1h.

Bitcoin bulls must recapture it. If they succeed, the next hurdle at around $3,900 is already a minor one including the Bollinger Band 15 minutes Upper, the SMA 10-4h, and the Fibonacci 38.2% one-day.

Further above, the target is $4,050 which is the Fibonacci 38.2% one-week, the Pivot Point one-day R1, and the SMA 5-one-day.

Yet if the initial resistance line works, BTC/USD could suffer a free-fall to $3,466 which is 2018 low and also the Pivot Point one-month Support 1.

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