Bitcoin price prediction: BTC may extend losses - Bitcoin confluence

  • BTC/USD is range-bound after a sharp sell-off during late Wednesday hours.
  • The downside pressure is set to increase on a breakthrough below $7,500.

Bitcoin consolidates losses marginally above $7,600 handle after a sharp sell-off during late Wednesday trading. The first digital coin is vulnerable to further losses as bearish sentiments dominate the market. Binance technical issues might have served as a trigger for a sell-off, while a sustainable move below critical $7,800 sped up the movement.

Bitcoin confluence levels 

There are quite a number of technical barriers, including the Simple Moving Averages (SMA) clustered on both sides of the current price. It means that Bitcoin might spend some time in a range before the directional move is resumed.

Resistance levels

$7,700 - a confluence of technical levels located right below the current price includes 23.6% Fibo retracement daily, 38.2% Fibo retracement weekly, the lower line of 4-hour Bollinger Band, SMA10 and SMA5 1-hour.
$7,800 DMA5 and DMA10.
$8,000 - 23.6% Fibo retracement weekly, SMA100 1-hour, Pivot Point 1-day Resistance 1.

Support levels

$7,500 - Pivot Point 1-month Resistance 3.
$7,430 - Pivot Point 1-day Support 1.
$7,200 - 61.8% Fibo retracement weekly, SMA100 4-hour.


 

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