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Bitcoin Price Prediction: BTC/USD stalled under $7,200 ahead of Christmas – Confluence Detector

  • BTC/USD recovery momentum is fading away on approach to $7,200
  • The support levels below the current price may limit the sell-off.
Bitcoin Price Prediction: BTC/USD stalled under $7,200 ahead of Christmas – Confluence Detector
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD has entered a range-bound phase after a volatile week. At the time of writing, BTC/USD is changing hands at $7,150, mostly unchanged both on a day-to-day basis and since the beginning of Saturday. Bitcoin's market dominance increased to 68.4% as many altcoins failed to recover to the levels that preceded the sell-off.

Bitcoin confluence levels 

From the technical point of view, the coin may be vulnerable to range-bound trading ahead of Christmas week. Strong technical barriers are located both above and below the current price. Let's have a closer look at them.

Resistance levels

$7,200 - 38.2% Fibo retracement daily, a host of short-term SMA (Simple Moving Average) levels, SMA10 on 1-hour and 4-hour charts
$7,250 - 23.6% Fibo retracement weekly, the middle line of the daily Bollinger Band, the upper border of 1-hour Bollinger Band
$7,900 - SMA50 daily

Support levels

$7,000 -  SMA200 1-hour, SMA50 4-hour, SMA5 daily
$6,850 - the lower line of the daily Bollinger Band, 61.8% Fibo retracement weekly
$6,550 - the lowest level of the previous month.

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Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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