Bitcoin price prediction: BTC/USD vulnerable to price swings - Bitcoin confluence

BTC/USD stays under $8,000, but sell-off may be limited.
The critical resistance is created on approach to $8,200.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) dropped below $8,000 handle after an unsuccessful attempt to settle above $8,500 barrier on Monday. The first digital coin has lost over 6% of its value in recent 24 hours. On a weekly basis, BTC/USD is down 8.3%.

Bitcoin confluence levels

There are a few barriers located above and below the current BTC/USD price. The coin is at the p=mercy of speculative sentiments, which means that the movements might be pretty unpredictable at this stage.

Resistance levels

$8,230 - the middle line of 1-hour Bollinger Band, 23.6% Fibo retracement on daily and weekly intervals
$8,400 - 38.2% Fibo retracement daily, and 61.8% Fibo retracement weekly.
$8,500 - the middle line of 4-hour Bollinger Band, 61.8% Fibo retracement daily, SMA50 (Simple Moving Average) 1-hour).

Support levels

$7,900 - Pivot Point 1-day Support 1, SMA10 15-min, the middle line of 15-min Bollinger Band.
$7,650 - 38.2 Fibo retracement monthly, Pivot Point 1-day Support 2

Author

Tanya Abrosimova

Independent Analyst

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