- BTC/USD is vulnerable to further losses as the recovery falters.
- A sustainable move below $8,050 will take the price to $7,800.
Bitcoin (BTC) is changing hands at $8.,150, down nearly 2% on a day-on-day basis. The first digital coin is vulnerable to further losses as inability to move above $8,300-$8,400 barrier adds bearish notes to the short-term outlook.
Bitcoin confluence levels
During early Wednesday hours BTC/USD tested area below $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which bodes ill for Bitcoin bulls. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
$8,300 - the middle line of Bollinger Bands on four-hour chart, the lower line of one-hour Bollinger Bands, SMA50 (Simple Moving Average) one-hour and 61.8% Fibo retracement daily.
$8,600 - 23.6% Fibo retracement weekly, the upper line of the daily Bollinger Band, Pivot Point one day Resistance 2;
$8,850 - Pivot Point one week Resistance 1, the highest level of the previous week;
$8,050 - Pivot Point one-day Support 1;
$7,800 - the lowest levels of the previous week, Pivot Point one-week Support 1;
$7,250 - Pivot Point one-week Support 2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.