Bitcoin price prediction: BTC/USD struggling to break this mundane trading – Confluence Detector
|- Bitcoin struggled to hold on to the gains above $8,000 with the upside capped under $8,100.
- BTC/USD must clear $8,200 resistance for a breakout towards $9,000 in the near-term.
BTC/USD is trading higher 1% on the day following an elongated period within a tight range between $7,500 and $8,100 to the upside. The motionless trading comes after last week losses found support at $7,500 giving way for rebound above $8,000. Bitcoin struggled to hold on to the gains above $8,000 with the upside capped under $8,100.
According to the confluence detector tool BTC/USD is initially supported at $7,973.62 (buyer congestion zone). Various technical levels have converged to make this one of the strongest support areas. The confluence at this level include SMA 10 1-h, Bollinger Band 15-min middle, SMA 5 1-h, previous low 1-h, SMA 10 15-min, 5 SMA 15-minute SMA 10 4-h among others.
Bitcoin does not have as many support levels at the moment. If the above support is overwhelmed, the next anchor target is $7,640.18. The confluence at this level is made by the 38.2% Fib level 1-min and the Bollinger Band 4-h lower.
It is essential that the buyers sustain the price above this level to ensure that Bitcoin does not tank to levels close to $7,000.
On the upside, above the current price the first resistance is observed at $8,140: Previous high 1-hour, previous high 4-h, pivot point 1-D R1 and the Bollinger Band 4-h upper. A break past $8,200 is likely to launch Bitcoin into a surge towards $9,000 but first, the buyers must clear the resistance at $8,223 highlighted by the Fibo 23.6% 1-min, BB 1-D Middle and the SMA 100 4-h.
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.