Bitcoin price prediction: BTC/USD bulls claw back some ground - Bitcoin confluence
- BTC/USD gets back above $8,000, but further recovery may be limited.
- The coin may retest critical support $7,700.
Bitcoin (BTC) is hovering at $8,000. The coin has recovered from the intraday low of $7,768; however, it is still vulnerable to further losses if the price fails to develop the upside momentum above the pivotal area. BTC/USD has gained 2.2% since the beginning of the day and stayed unchanged in recent 24 hours.
Bitcoin confluence levels
At the time of writing, BTC/USD bulls are trying to push the coin further away from dangerous $8,000. However, there are some technical resistance levels that may ruin their plans. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$8,150 - SMA50 (Simple Moving Average) four-hour, SMA200 one-hour, SMA5 daily;
$8,500 - Pivot Point one-day Resistance 3, 23.6% Fibo retracement monthly;
$9,000 - Pivot Point one-week Resistance 2.
Support levels
$7,800 - 23.6% Fibo retracement weekly and weekly, SMA10 one-hour, SMA5 four-hour, the middle line of one-hour Bollinger Band;
$7,700 - the lowest levels of the previous week and the previous month, Pivot Point one-week Support 1, Pivot Point one-week Support 1.
$7,300 - Pivot Point one-week Support 2, Pivot Point one-day Support 3.
Author
Tanya Abrosimova
Independent Analyst
