- LocalBitcoins Bitcoin global volume almost at a five-year low.
- Bitcoin is trading between a wide range of support and resistance ($7,435 – $8,513).
Bitcoin experienced another brief slide from levels around $8,400 to the new support at $7,750. As discussed during the Asian session on Friday, the bulls could barely hold above $8,000. Moreover, the sellers are currently extending their action towards $7,900.
The correction in Bitcoin price is in tandem with a sharp drop in the LocalBitcoins volume (Global). The current weekly volume of 5344 BTC is above a five-year low of 4,803 BTC recorded in the first week of January 2014.
Bitcoin confluence levels
Bitcoin is trading within a wide range as displayed by the confluence detector tool. Viable support is expected at $7,435 while a strong barrier is observed at $8,513. Meanwhile, the price is struggling with short-term resistance at $8,015. This seller congestion zone is characterized by various technical indicators including the previous low one-hour, the five simple moving average 15-minutes, SMA five one-hour, Bollinger Band 15-mins middle, SMA 10 15-mins, and the Fibonacci 38.2% daily.
The key resistance at $8,513 is highlighted with several technical indicators, for instance, the pivot point one-day resistance one, previous high one-day, Bollinger Band one-hour upper, the pivot point one-month support one and the BB one-day lower.
Further up, Bitcoin buyers must brace themselves to face the strongest hurdle at $9,011. The zone is home to the SMA 100 one-hour, pivot point one-week support three and the SMA five one-day.
On the downside, the most important support area is the above mentioned $7,435. The two indicators in this area are the pivot point one-month support two and the BB four-hour lower.
More confluence levels
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