Bitcoin price prediction: BTC/USD struggles to make its way to $8,300 – Confluence Detector
|- BTC/USD is vulnerable to further losses as the recovery falters.
- A sustainable move above $8,300 will ensure a strong recovery.
Bitcoin (BTC) is changing hands фе $8,250, off the intraday high of $8,289. The first digital coin managed to regain some ground during weekend, however, the further upside is limited as bullish momentum is fading away on approach to the resistance at $8,300.
Read also: Bitcoin failed as a medium of exchange and a store of value - G7
Bitcoin confluence levels
During early Monday hours, BTC/USD tried to develop a recovery, however, but failed to break from the short-term channel limited bu $8,300 on thee upside. Weak upside momentum bodes ill for Bitcoin bulls, though bears should push the price towards $8,000 to increase the chances of the downside scenario. There are a few barriers both below and above the current price.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$8,250 - 61.8% Fibo retracement weekly, 23.6% Fibo retracement daily, SMA10 (Simple Moving Average) daily, the middle line of one-hour and daily Bollinger Bands;
$9,000 - Pivot Point one-week Resistance 3.
Support levels
$8,100 - 61.8% Fibo retracement daily, 38.2% Fibo retracement weekly, SMA50 one hour;
$7,850 - the lower line of the Bollinger Band on a daily chart, the lowest levels of the previous week;
$7,750 - Pivot Point one-day Support 2, Pivot Point one-week Support 1, thee lowest level of the previous month.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.