- BTC/USD has been locked in a tight range after a recovery attempt.
- Bulls need to clear $8,900 area to mitigate the downside pressure.
BTC/USD is hovering marginally above $8,700, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. The coin dropped below $8,600 on Monday; however a buffer of buying orders helped to stop the sell-off and pushed the price back above $8,700.
Bitcoin confluence levels
Looking technically, BTC/USD is locked in a tight range with the upper boundary created by the upper line of 1-hour Bollinger Band at $8,765. Once it is out of the way, the upside is likely to gain traction with the next focus on $8,730 strengthened by a confluence of SMA50 (Simple Moving Average) and SMA100 on 1-hour time frame. A sustainable move above this barrier will help to mitigate the initial bearish pressure and bring $9,000 back into focus.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
$$8,830-8,900 - SMA50 (Simple Moving Average), SMA100 1-hour, 61.8% Fibo retracement daily, 23.6% Fibo retracement weekly, the middle line of the daily Bollinger Band
$9,050 - 38.2% Fibo retracement weekly, the upper line of 4-hour Bollinger Band, Pivot Point 1-day Resistance 1
$9,250 - 61.8% Fibo retracement weekly, Pivot Point 1-day Resistance 2
$8,550 - 61.8% Fibo retracement monthly, Pivot Point 1-day Support 1
$8,450 - Pivot Point 1-week Support 1
$8,150 - Pivot Point 1-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.