Bitcoin price prediction: BTC/USD range-bound with bearish bias - Bitcoin confluence

Bitcoin (BTC) has been range-bound with bearish bias on Wednesday. The coin slipped below $8,300 after an unsuccessful attempt to move above $8,500 barrier. In recent 24 hours, the coin has lost about 1.5% of its value amid low trading activity after several volatile days.

Bitcoin confluence levels 

There are a lot of significant technical barriers clustered above the current price, which makes it harder to the bulls to pursue their agenda. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$8,350 - SMA50 (Simple Moving Average) one-hour and four hour, SMA200 one-hour, 61.8 Fibo retracement daily and 23.6% Fibo retracement weekly;
$8,50 -  23.6% Fibo retracement month;
$9,000 - 38.2% Fibo retracement monthly.

Support levels

$8,000 - Pivot Point one-day Support 2, 161.8 Fibo projection.
$7,750 - the lowest level of the previous week.
$7,500 - the lower line of one-day Bollinger Band