Bitcoin Price Prediction: BTC/USD recovery stalled at $7,400 – Confluence Detector


  • BTC/USD recovery momentum is fading away on approach to $7,400
  • The support levels below the current price are not strong enough to limit the sell-off.

BTC/USD is hovering around $7,300 amid expanding volatility. The first digital coin recovered from the intraday low of $7,154, however, the upside is limited bu $7,300-$7,330 area. BTC/USD has gained 1.7% on a day-to-day basis and 1% since the beginning of the day.

Bitcoin confluence levels 

Looking technically, there are a lot of barriers both above and below the current price. However, most of them are not strong enough to reverse a trend when it starts. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$7,330 - 38.2% Fibo retracement daily, the middle line of 1-hour Bollinger Band, a host of short-term SMA (Simple Moving Average) levels
$7,400 - SMA200 1-hour, SMA50 4-hour
$7,700 - 38.2% Fibo retracement monthly

Support levels

$7,250 - 23.6% Fibo retracement daily and monthly, the middle line of 1-hour Bollinger Band, a host of short-term SMA (Simple Moving Average) levels
$7,040 - 61.8% Fibo retracement weekly
$6,500 - the lowest level of the previous week and the lowest level of the previous month

fxsoriginal


 

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