Bitcoin price prediction: BTC locked in a range under $8,000 - Bitcoin confluence
|- BTC/USD is range-bound under critical resistance level amid low volatility.
- Strong support is located below the current price.
Bitcoin is oscillating between $7,900 and $8,000, practically unchanged since this time on Tuesday. The first digital coin remains directionless despite some strong movements altcoins' segment where Bitcoin SV gained nearly 80% in recent 24 hours and Binance Coin grew by 10%. No wonder that Bitcoin's market share dropped from 60.5% on May 14 to 56.3% at the time of writing.
Bitcoin confluence levels
There are a lot of substantial technical barriers, including simple moving averages (SMA) clustered below the current price, which means that Bitcoin bulls have better chances to succeed in this stand-off.
Resistance levels
$8,000 - SMA10 on 1-hour, 61.8% Fibo retracement daily, the upper boundary of 15-min Bollinger Band, the middle line of 1-hour Bollinger Band.
$8,100 - the highest level of the previous day and the Pivot Point 1-day Resistance 1.
$8,300 - upper boundary of 4-hour Bollinger Band and the Pivot Point 1-day Resistance 2.
Support levels
$7,950 - a confluence of technical levels located right below the current price includes 23.6% Fibo retracement weekly, 38.2% Fibo retracement daily, the upper line of 4-hour Bollinger Band, SMA50 1-hour.
$7,800 - SMA50 4-hour and SMA200 and SMA100 1-hour, and the Pivot Point 1-day Support 1.
$7,500 - Pivot Point 1-month Resistance 3.
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