Bitcoin price prediction: BTC stalled at $7,900 - Bitcoin confluence
- BTC/USD is trading in a range with a bearish bias.
- Substantial support is being set by the $7,750 handle.
The first digital coin is hovering at $7,900 handle amid growing market indecision. BTC/USD has lost about 1% of its value since the beginning of Tuesday and has become 1.3% cheaper from this time on Monday. While the coin has recovered from Monday's low of $7,576, the upside momentum is not strong enough to take it above the critical $8,000 level.
Bitcoin confluence levels
There are a lot of substantial technical barriers clustered above and below the current price. It means that Bitcoin might be vulnerable to range-bound trading.
These are the key resistance levels:
$7,950 - 5-period Simple Moving Average (SMA), SMA50 and SMA20 15-min, SMA50 1-hour, 23.6% Fibo retracement weekly;
$8,000 - SMA10 on 1-hour and 4-hour intervals, 61.8% Fibo retracement daily, the upper boundary of 15-min Bollinger Band
$8,380 - upper boundary of 4-hour Bollinger Band, the highest level of the previous week.
And these are the most important supports:
$7,750 - SMA50 4-hour and SMA200 1-hour, the middle line of 4-hour Bollinger Band, 23.6% Fibo retracement daily.
$7,500 - Pivot Point 1-month Resistance 3.
$7,250 - 61.8% Fibo retracement weekly
BTC/USD, 1-day
Author
Tanya Abrosimova
Independent Analyst
