- BTC/USD recovery has faded away on approach to the resistance of $7,600.
- The coin remains range-bound as long as it stays above $7,000.
A failure at critical resistance area attracted new short-term sellers who eventually pushed BTC/USD to $7,200 from the recent high registered at $7,600. The first digital coin is down 2.2% on a day-to-day basis and unchanged since the beginning of the day. Bitcoin's average daily trading volume exceeded $18 billion, while the market share decreased to at 66.6%
Bitcoin confluence levels
Looking technically, strong barriers are clustered mostly above the current price. It means the bearish sentiment is a bit stronger at this stage. However, as long as psychological $7,000 remains unbroken, a sharp sell-off looks unlikely. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
$7,300 - 23.6% Fibo retracement weekly and monthly, 38.2% Fibo retracement daily, a host of shorter SMA (Simple Moving Average) levels
$7,350-$7,380 - SMA50 1-hour, SMA100 4-hour, 38.2% Fibo retracement weekly, the upper line of 1-hour Bollinger Band, SMA200 1-hour, SMA50 4-hour
$7,900 - SMA200 4-hour, Pivot Point 1-week Resistance 1
$7,150 - the lower line of 1-hour Bollinger Band, Pivot Point 1-week Support 1
$7,080 - the lowest level of the previous week, the lower line of the daily Bollinger Band
$6,526 - 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.