Bitcoin price prediction: BTC is rangebound with bearish bias - Bitcoin confluence

  • BTC/USD bulls hit the pause button. 
  • An important support is created by $7,600 handle. 

The first digital coin bumped into resistance on approach to $8,500 and retreated to  $7,900 handle amid profit-taking on speculative positions. BTC/USD has barely changed on a day-on-day basis and lost 1% since the beginning of Wednesday. Bitcoin lags behind Ethereum and Ripple - both altcoins have gained 10% in recent 24 hours.

Bitcoin confluence levels 

There are a lot of substantial technical barriers clustered above and below the current price, which means, Bitcoin is vulnerable to range-bound trading at this stage.

Resistance levels

$8,000 - SMA5 and SMA10 4-hour, the lower boundary of 15-min Bollinger Band;
 $8,350 - previous day high, Pivot Point 1-day Resistance 1
$8,700 - Pivot Point 1-day Resistance 2.

Support levels
$7,600 - previous day low, Pivot Point 1-day Support 1.
$7,550 - Pivot Point 1-month Resistance 3, Pivot Point 1-week Resistance 3
$7.300-$7,250 - DMA5, Pivot Point 1-day Support 2

BTC/USD, 1-day


 

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