• Bitcoin trades slightly lower on Thursday as price meets some resistance at the 55 EMA.
  • Above the current level, there is a strong Fib confluence level near 8K.

Bitcoin daily chart

Bitcoin is having a breather today as the price stalls at the 55 daily exponential moving average. After the pair took the 7K level it seems as if there was no looking back but today could be a dead cat bounce scenario. Looking at the volume histogram at the bottom of the chart it seems the activity is pretty thin here too.

Looking closer at the technicals on the daily chart, you can see the Fibonacci extension (blue) and Fibonacci retracement (black) 61.8% area both land on 8K. That is a great zone as there is resistance there too from a previous wave and its a psychological round number. The price is some way away from the zone but these levels tend to act like a magnet for price. So if the pulls keep control then we are sure to test the area.

Bitcoin Fib Confluence level

Additional levels

BTC/USD

Overview
Today last price 7302.27
Today Daily Change -66.64
Today Daily Change % -0.90
Today daily open 7368.91
 
Trends
Daily SMA20 6602.11
Daily SMA50 7423.77
Daily SMA100 8149.72
Daily SMA200 8116.13
 
Levels
Previous Daily High 7426.72
Previous Daily Low 7154.7
Previous Weekly High 7254.75
Previous Weekly Low 5854.85
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 7322.81
Daily Fibonacci 61.8% 7258.61
Daily Pivot Point S1 7206.83
Daily Pivot Point S2 7044.76
Daily Pivot Point S3 6934.81
Daily Pivot Point R1 7478.86
Daily Pivot Point R2 7588.8
Daily Pivot Point R3 7750.88

 

 

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