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.
Author
Tanya Abrosimova
Independent Analyst
