Bitcoin price prediction: BTC/USD claws back ground above $8,500 – Confluence Detector
|- BTC/USD has recovered from the recent low, still under pressure.
- Bears may have an upper hand in the short-run.
BTC/USD has made its way above $8,500 after a short-lived dip to $8,369 on November 15. At the time of writing, BTC/USD is changing hands at $8,522, mostly unchanged both on a day-to-day basis and since the beginning of Sunday. Despite the recovery, bearish sentiments are still dominant.
Bitcoin confluence levels
Looking technically, there are not so many strong technical levels either above or below the current price, which meanst BTC/USD may be able to put an end to its directionless musings in the range and initiate a strong move ahead of the new week.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$8,550 - SMA50 (Simple Moving Average) 1-hour and daily, 38.2% and 23.6% Fibo retracement daily, 61.8% Fibo retracement monthly, the middle lines of 4-hour and 1-hour Bollinger Band
$8,700 - SMA200 on 1-hour and 4-hour charts, SMA50 4-hour chart, 38.2% Fibo retracement weekly, the upper line of four-hour Bollinger Band
$9,250 - SMA200 daily, 38.2% Fibo retracement monthly
Support levels
$8,400 - the lower line of 4-hour Bollinger Band, 161.8% Fibo projection daily, the lowest level of the previous week
$8,150 - Pivot Point 1-week Support 1
$7,900 - Pivot Point 1-week Support 2.
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