Bitcoin price prediction: BTC/USD sending mixed signals - Bitcoin confluence

BTC/USD is on recovery mode, but the upside may be limited.
The critical support is created on approach to $7,500.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) recovered from Thursday losses to trade at $7,880, having gained as much as with 2.6% in recent 24 hours. However, the upside momentum remains weak, which makes the cryptocurrency vulnerable to new losses.

Bitcoin confluence levels

There are a lot of significant technical barriers clustered on both sides of the current price. It makes BTC prone to range-bound trading until a strong catalyst - either fundamental or speculative - push it outside the channel.

Resistance levels

$8,000 - DMA5, 23.6% Fibo retracement weekly, SMA100 1-hour, Pivot Point 1-day Resistance 1.
$8,100 - upper boundary of 4-hour Bollinger Band
$8,380-$8,400 - the highest level of the previous week, Pivot Point week-1 Resistance-1

Support levels

$7,550 - 38.2% Fibo retracement daily, SMA50 on 1-hour and 4-hour charts, SMA10 and SMA5 on 4-hour chart.
$7,500 - Pivot Point 1-month Resistance 3, previous daily low.
$7,200 - 61.8% Fibo retracement weekly

Author

Tanya Abrosimova

Independent Analyst

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