- BTC/USD managed to move above critical $8,000 and settled above $8,000.
- The next critical resistance awaits BTC bulls at $8,200.
Bitcoin (BTC) has settled above $8,100 after a strong rally on Wednesday. A sustainable move above this barrier has improved the technical picture, though further upside may be limited due to the lack of follow through, most likely, the price will spend some time in a new range before another leg higher.
Bitcoin confluence levels
Now that the first line of resistance gave way, the recovery may gain traction; however, we do have a couple of strong barriers that separate us from a sustainable growth towards recent highs. Meanwhile, a host of technical levels clustered below the current price will help to slow down the correction.
$8,200 – 23.6% Fibo retracement monthly, the middle line of 1-day Bollinger Band, SMA100 (Simple Moving Average) 4-hour.
$8,300 – the highest level of the previous day, 61.8% Fibo retracement weekly.
$8,750 – Pivot Point 1-week resistace 1
$8,000 – 61.8% Fibo retracement daily, 38.2% Fibo retracement weekly, the lower line of 1-hour Bollinger Band, SMA50 1-hour.
$7,650 – 38.2% Fibo retracement monthly, the lower edge of 4-hour Bollinger Band, Pivot Point 1-day Support 2.
$7,400 – Pivot Point 1-week Support 3, the lower line of 1-day Bollinger Band.