Bitcoin price prediction: BTC/USD paralyzed above $7,800 - Bitcoin confluence
- BTC/USD has settled in a range above $7,800.
- The critical resistance is created on approach to $8,150.
Bitcoin (BTC) has stayed marginally above $7,800 after the recovery from the recent low of $7,437; We will need to see a sustainable move above $8,000 to get back to the recovery track; however, the upside momentum is not strong enough at this stage. BTC/USD is mostly unchanged in recent 24 hours. On a weekly basis, BTC/USD is down 9.5%.
Bitcoin confluence levels
Technical levels clustered around the current price mean that the coin is likely to stay rangebound in the nearest future. A strong move in either direction is needed to clarify the technical picture.
Resistance levels
$7,900 - the highest level of the previous 4-hour interval, the upper edge of 1-hour Bollinger Band and the top edge of 15-min Bollinger Band.
$8,150 - SMA100 (Simple Moving Average) 1-hour, 23.6% Fibo retracement monthly.
$8,400 - SMA50 (Simple Moving Average) 4-hour, SMA200 1-hour, SMA10 daily.
Support levels
$7,800 - the lower edge of 15-min Bollinger Band, the lowest level of the previous 4-hour interval.
$7,650 - 38.2% Fibo retracement monthly.
$7,300 - the lower edge of 4-hour Bollinger Band, Pivot Point 1-week Support 2
Author
Tanya Abrosimova
Independent Analyst
