- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
War for dominance hit the bedrock of the market
The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.
BCH/USD in retreat after gaining 7% in a matter of minutes
Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.
ADA/USD extends the decline, $0.1000 at risk
Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.
ETH/USD volatility ousted as DeFi skyrockets to $2 billion
Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.
Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive
The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.