Bitcoin price prediction: BTC/USD stuck in a tight range after a dull recovery attempt

BTC/USD has been locked in a tight range after a recovery attempt.
Bulls need to clear $8,900 area to mitigate the downside pressure.

BTC/USD is hovering marginally above $8,700, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. The coin dropped below $8,600 on Monday; however a buffer of buying orders helped to stop the sell-off and pushed the price back above $8,700.

Bitcoin confluence levels

Looking technically, BTC/USD is locked in a tight range with the upper boundary created by the upper line of 1-hour Bollinger Band at $8,765. Once it is out of the way, the upside is likely to gain traction with the next focus on $8,730 strengthened by a confluence of SMA50 (Simple Moving Average) and SMA100 on 1-hour time frame. A sustainable move above this barrier will help to mitigate the initial bearish pressure and bring $9,000 back into focus.

Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$$8,830-8,900 - SMA50 (Simple Moving Average), SMA100 1-hour, 61.8% Fibo retracement daily, 23.6% Fibo retracement weekly, the middle line of the daily Bollinger Band
$9,050 - 38.2% Fibo retracement weekly, the upper line of 4-hour Bollinger Band, Pivot Point 1-day Resistance 1
$9,250 - 61.8% Fibo retracement weekly, Pivot Point 1-day Resistance 2

Support levels

$8,550 - 61.8% Fibo retracement monthly, Pivot Point 1-day Support 1
$8,450 - Pivot Point 1-week Support 1
$8,150 - Pivot Point 1-week Support 2.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.