Bitcoin Price Prediction: Downside is the path of least resistance for BTC/USD - Bitcoin confluence

BTC/USD bulls struggle at the current resistance zone.
Important support is created by the recent low on approach to $8,400 handle.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) is sitting in a tight range after a volatile week. The downside movements are limited by $8,500 so far, while the upside is capped by $8,800. The short-term trend remains bearish.

Bitcoin confluence levels

From the technical point of view, the way to the North looks more crowded with strong barriers, which means Bitcoin bulls may have a hard time engineering a recovery momentum. On the other hand, there is a strong support area around the recent low, which is likely to slow down the sell-off. There are hardly any significant support levels below.

Resistance levels

$8,700 - 38.2% Fibo retracement daily, SMA50 1-hour, SMA10 4-hour SMA200 15-min, the highest level of the previous 4-hour interval
$8,800 - 23.6% Fibo retracement weekly, DMA5, the highest level of the previous day
$9,000-$9,100 - Pivot Point 1-day Resistance 3, 38.2% Fibo retracement weekly

Support levels

$8,430 - the lowest level of the previous week and month, Pivot Point 1-day Support 1
$8,100 - Pivot Point 1-week Support 1
$7,800 - Pivot Point 1-month Support 1.

BTC/USD 1-day

Author

Tanya Abrosimova

Independent Analyst

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Bitcoin Price Prediction: Downside is the path of least resistance for BTC/USD - Bitcoin confluence