Bitcoin upward movement continues to be limited under the 23.6% Fib retracement level we discussed earlier today. A shallow recovery from the recent deep is unable to sustain gains above $8,300. For now, the price is likely to remain pivotal at $8,300. However, a break past the Fibo resistance could pave the way for gains above the next hurdle of $8,400.
According to the confluence detector tool, Bitcoin must clear the current resistance between $8,328 and $8,415 for it to stir more action towards $8,800 (medium-term target). This region is characterized by a high concentration of sellers. Besides, it is home to a cluster of technical indicators including the Bollinger Band 15-minutes middle, previous low one-hour, Simple Moving Average (SMA) 10 15-mins, BB one-hour middle, SMA 100 one-hour among others.
