- Bitcoin stuck under a resistance between $8,328 and $8,415 after the shallow recovery lost steam around $8,300.
- The initial support at $8,242 remains vulnerable to losses.
Bitcoin upward movement continues to be limited under the 23.6% Fib retracement level we discussed earlier today. A shallow recovery from the recent deep is unable to sustain gains above $8,300. For now, the price is likely to remain pivotal at $8,300. However, a break past the Fibo resistance could pave the way for gains above the next hurdle of $8,400.
According to the confluence detector tool, Bitcoin must clear the current resistance between $8,328 and $8,415 for it to stir more action towards $8,800 (medium-term target). This region is characterized by a high concentration of sellers. Besides, it is home to a cluster of technical indicators including the Bollinger Band 15-minutes middle, previous low one-hour, Simple Moving Average (SMA) 10 15-mins, BB one-hour middle, SMA 100 one-hour among others.
However, clearing the above does not guarantee a safe rise to $8,800, Bitcoin bulls must be ready to face more resistance at $8,501 and $8,673. Further correction above $8,800 will come face to face with the hurdle at $8,845.
As far as support is concerned, Bitcoin remains quite vulnerable to declines. However, there is weak initial support of $8,242 but if Bitcoin pierces this zone, the price will change focus all together with a downside target to the next viable support at $7,811.
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