Bitcoin Price Prediction: BTC/USD directionless ahead of New Year – Confluence Detector


  • BTC/USD recovery falters on approach to $7,400.
  • The support levels below the current price are virtually non-existent.

BTC/USD has been moving to and fro in a tight range amid low trading activity. Many traders are off for a holiday season, which makes the market vulnerable to sharp movements; however, no sharp movements have been registered so far. At the time of writing, BTC/USD is changing hands at $7,180, mostly unchanged both on a day-to-day basis and since the beginning of Friday. Bitcoin's market dominance settled at 68.7% as many altcoins failed to recover to the levels that preceded the sell-off.

Bitcoin confluence levels 

From the technical point of view, the coin may be vulnerable to range-bound trading until we pass the New Year borderline. Strong technical barriers are located above the current price, which means the downside is the path of least resistance for now. Let's have a closer look at them.

Resistance levels

$7,200 - $7,230 - a host of short-term SMA (Simple Moving Average) levels, SMA5, SAM10, SMA50 on 1-hour, SMA10 and SMA5 on 4-hour chart, the middle lines of the Bollinger Bands on a daily, 1-hour and 4-hour charts, SMA200 1-hour and 4-hour, SMA50 4-hour, 23.6% Fibo retracement weekly and monthly 
$7,600 - the upper line of the daily Bollinger Band, Pivot Point 1-day Resistance 1
$7,700 - SMA50 daily, 38.2 Fibo retracement monthly

Support levels

$7,000 -  161.8% Fibo projections daily, Pivot Point 1-day Support 2
$6,800 - the lower line of the daily Bollinger Band, Pivot Point 1-day Support 3
$6,550 - the lowest level of the previous month.

fxsoriginal


 

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