Bitcoin price prediction: BTC/USD locked in a tight range – Confluence Detector
|- BTC/USD is vulnerable to further losses amid range-bound trading.
- A sustainable move below $8,150 will take the price to $7,800.
Bitcoin (BTC) is glued to $8,300 level. The first cryptocurrency has been hovering around this barrier since Friday’s failed attempt to break above SMA200 (Simple Moving Average) daily. The coin topped at $8,800 and returned to the previous range in a matter of hours amid crypto whales activity. At the time of writing, BTC/USD is changing hands at $8,3010, mostly unchanged both on a day-on-day basis and since the beginning of Monday.
Bitcoin confluence levels
During early Monday hours BTC/USD has been locked in a range limited by $8,469 on the upside and $8,154 on the downside. The support located at $8,150 proved to be strong enough to keep the bears at bay; however, a weak upside momentum makes the coin vulnerable to further losses. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$8,500 - 23.6% Fibo retracement monthly, the highest level of the previous day;
$8,700 - SMA200 (Simple Moving Average) daily, 161.8% Fibo projection daily;
$9,000 - psychological level, SMA200 four-hour, 38.2% Fibo retracement monthly.
Support levels
$8,300 - 32.8% Fibo retracement daily, SMA200 one hour, the middle line of one-hour Bollinger Band, 61.8% Fibo retracement daily;
$8,150 - the lowest level of the previous day, 61.8% Fibo retracement weekly;
$7,800 - the lowest levels of the previous week, Pivot Point one-week Support 1.
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