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Bitcoin Price Prediction: BTC/USD retreats back inside the range – Confluence Detector

  • BTC/USD reversed Monday's gains, returned to the critical support of $7,300
  • The coin may have entered a consolidation phase.
Bitcoin Price Prediction: BTC/USD retreats back inside the range – Confluence Detector
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD made another failed attempt to settle above $7,600 on Monday. The first digital coin touched $7,654 before retreating to $7,357 by the time of writing. Bitcoin is down 1.6% on a day-to-day basis and unchanged since the beginning of the day. Bitcoin's average daily trading volume exceeded $18 billion against $14 billion on Monday, while the market share settled at 66.9%

Bitcoin confluence levels 

Looking technically, strong barriers are clustered both above and below the current price. It means the coin may be vulnerable to range-bound trading in the short run. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$7,450 - 38.2% Fibo retracement daily, the middle lines of 1-hour and daily Bollinger Bands, SMA10 (Simple Moving Average) daily. 
$7,500 - 61.8% Fibo retracement daily and weekly, the middle line of 4-hour Bollinger Band.
$7,900 - 161.8% Fibo projection daily, Pivot Point 1-week Resistance 1

Support levels

$7,300 -  the lower line of 1-hour Bollinger Band, 23.6% Fibo retracement weekly and monthly
$7,200 - Pivot Point 1-week Support 1, Pivot Point 1-day Support 1
$7,080 - the lowest level of the previous week.

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Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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