- Bitcoin remains lethargic under $8,000 despite EOS and Ripple leading the market in early week recovery.
- Bitcoin is strongly supported above $7,746 while the upside is capped by various mild barriers including $7,909 and $7,991.
As reported earlier on Monday, Bitcoin is trading below $8,000 after the support at $8,200 failed to hold. The weekend session has been mostly bearish with cryptocurrencies continuing to be depressed under increasing selling activities.
Ripple and EOS are leading the recovery among the major cryptocurrencies. XRP is up 4% on the day while EOS is trading higher 2.5%. Ethereum has corrected above $170 while Bitcoin is still fighting to stay afloat in the green despite the prevailing bearish trend.
Bitcoin confluence levels
Looking at the confluence tool, we see Bitcoin comfortably sitting above a strong support area at $7,746. This region is characterized by a number of indicators including the previous month low, previous week low, pivot point one-day support one and pivot point one support one.
On the higher side, only mild resistance zones stand in the way of movement north. The initial barrier is placed at $7,909. It is home to a cluster of support areas including the SMA five 15-minutes, Fibonacci 23.6% one-day, previous high 15-mins, SMA 50 15-mins and Bollinger Band 15-mins upper among others.
Also in line to block movement is $7,991, $8,073 which is highlighted by SMA 10 four-hour, SMA 50 one-hour, SMA 200 15-mins and BB one-hour upper, $8,482 and lastly $8,564. Trading above all these mild resistance zones could give Bitcoin the energy to push above $8,600 and the levels towards $9,000.
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