Bitcoin price prediction: BTC/USD vulnerable to losses below $7,800 - Bitcoin confluence
|- BTC/USD has been under selling pressure since the weekend.
- The critical resistance remains on approach to $8,150.
Bitcoin (BTC) is trading below $7,800 after the recovery from the recent low of $7,511 hit on June 8; We still need to see a sustainable move above $8,000 to mitigate the immediate bearish pressure and get back to the recovery track; meanwhile, in recent 24 hours BTC has lost 2.3%, It is down nearly 10% on a week-on-week basis.
Bitcoin confluence levels
Technical levels clustered around the current price imply that the coin may stay in the range for a bit longer. A strong move in either direction will bring clarity to the short-term technical picture.
Resistance levels
$7,760 - 38.2% Fibo retracement daily, the highest level of the previous 1-hour interval, the middle line edge of 1-hour Bollinger Band, SMA10 (Simple Moving Average) 15-min and SMA5 4-hour.
$7,800 - SMA200 4-hour, 23.6% Fibo retracement weekly, 61.8% Fibo retracement daily, the upper line edge of 1-hour Bollinger Band.
$8,150 - 23.6% Fibo retracement monthly, the middle line edge of 1-day Bollinger Band.
Support levels
$7,650 - 38.2% Fibo retracement monthly, the lower edge of 15-min Bollinger Band, the lowest level of the previous 4-hour interval, 23.6% Fibo retracement daily.
$7,300 - Pivot Point 1-week Support 1.
$6,800 - 61.8% Fibo retracement monthly.
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