Bitcoin price prediction: BTC/USD sends bearish signals from under $8,000 - Bitcoin confluence
|- BTC/USD recovers from intraday lows; stays under $8,000
- The critical resistance is created on approach to $8,100
Bitcoin (BTC) has recovered from the recent low of $7,437; however, the upside momentum is not strong enough to take the price of the first digital coin above $8,000 handle. BTC/USD has lost about 1.5% of its value in recent 24 hours. On a weekly basis, BTC/USD is down 9.5%.
Bitcoin confluence levels
There are a lot of barriers located above the current price, which means that the recovery is going to be hard and slow; however, the downside is also limited by strong support created by a confluence of string technical indicators.
Resistance levels
$7,860 - the highest level of the previous 4-hour interval, 61.8% Fibo retracement daily.
$8,100 - SMA50 (Simple Moving Average) 1-hour, the upper edge of 1-hour Bollinger Band.
$8,500 - SMA50 (Simple Moving Average) 4-hour, SMA200 1-hour, SMA10 daily, 161.8% Fibo projection daily.
Support levels
$7,650 - 38.2 Fibo retracement monthly, Pivot Point 1-day Support 2.
$7,300 - Pivot Point 1-week Support 2.
$7,160 - 161.8% Fibo projection weekly.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.