- BTC/USD is back in consolidation mode after a recovery attempt.
- $8,150-$8,200 area creates critical resistance.
Bitcoin (BTC) managed to recover from the recent lows; however, it is still under $8,000 handle. This barrier has been limiting the recovery of the first digital coin for about a week now. A sustainable move above this barrier is still needed to mitigate the immediate bearish pressure and get back to the recovery track; At the time of writing, BTC/USD is changing hands at $7,950.
Bitcoin confluence levels
There are a lot of technical levels clustered around the current price, which means that both bulls and bears need a decisive move in either direction to define the short-term Bitcoin’s trend.
$8,000 - 38.2% Fibo retracement weekly, the highest level of the previous 1-hour interval, a host of SMAs (Simple Moving Average lines), 23.6% Fibo retracement daily.
$8,150 - the upper line edge of 1-hour Bollinger Band.
$8,200 - 23.6% Fibo retracement, the middle line edge of 1-day Bollinger Band.
$7,900 - 38.2% Fibo retracement daily, the middle line edge of 4-day Bollinger Band, SMA100 1-hour.
$7,650 - 38.2% Fibo retracement monthly, the lower line edge of 4-day Bollinger Band
$7,300 - Pivot Point 1-week Support 1.
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