Bitcoin price prediction: BTC/USD stuck in a tight range after a dull recovery attempt – Confluence Detector
- 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.
Read also: CoinMarketCap adds new metrics to fight fake trading volumes
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.
Resistance levels
$$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
Support levels
$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.
Author
Tanya Abrosimova
Independent Analyst
