Bitcoin price prediction: BTC/USD in retreat before another bullish assault - Bitcoin confluence
- BTC/USD retreats to $8,600 after a sharp growth on the weekend.
- The critical support is created on approach to $8,000.
Bitcoin (BTC) has been range-bound with a bearish bias on Wednesday. The first digital asset has lost nearly 1.5% of its value to trade at $8,600 by press time, off the intraday low registered at $8,426. Despite the retracement, BTC/USD is still 8% higher on a week-on-week basis.
Bitcoin confluence levels
It looks like the further downside correction may be limited due to a cluster of strong technical levels clustered below the current price. Though, as the upside momentum is fading away, bulls will also find it challenging to clear the way to new highs.
Resistance levels
$8,600 - a middle line of 4-hour Bollinger Band, Simple Moving Average (SMA)5 15-min, Pivot Point day-1 Support-1
$8,700 - 61.8% Fibo retracement daily, SMA50 1-hour, SMA10 4-hour
$9,000 - Pivot Point day-1 Resistance-2, 161.8% Fibo projection.
Support levels
$8,500 - Pivot Point day-1 Support-2, Pivot Point week-1 Resistance-1, SMA100, 1-hour, the lower line of 15-min Bollinger Band.
$8,300 - Pivot Point day-1 Support-3
$8,050 - 23.6% Fibo retracement weekly.
Author
Tanya Abrosimova
Independent Analyst
