- Bitcoin re-entered the $8,000 range after gains to $10,000 cut short at $9,200.
- BTC/USD path of least resistance is to the south as $8,400 bottom becomes apparent.
Bitcoin price is in the middle of a battle to defend the short term tentative support at $8,800. An attempt to break above $9,600 resistance last week not only bounced but also culminated in a drop under $9,000. Bitcoin explored the levels below $9,000 on Friday to the extent of testing $8,600.
Meanwhile, the shallow recovery that beat the consolidation over the week stalled short of $9,200. BTC/USD is back under $9,000 while the sellers have eyes on $8,400. Correction to this level will not be entirely a bad idea as it is likely to create fresh demand in preparation for a potential end of the year rally.
Bitcoin confluence levels
Bitcoin’s path of least resistance is to the south as displayed by the confluence detector tool. The upside is marred with a prominent resistance level at $9,009. The 38.2% Fibonacci one-week, SMA five 1-hour, the previous low 4-hour and the Bollinger Band 15-minutes middle converge in the zone to form the resistance.
Marginally above $9,009, BTC will encounter more resistance at $9,100 as highlighted by the previous high 4-hour. In range leading to $10,000, there are numerous mild resistance levels.
On the downside, support areas towards $8,000 are still in grave danger. Some of these tentative mild support levels include $8,824, $8,732, $8,548 and $8,455.
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