Search ForexCrunch

BTC/USD has entered a range-bound phase after a strong growth.
The critical resistance is created on approach to $8,500.

Bitcoin (BTC) extended Monday gains and hit a new high at $8,518 during early Asian hours.  While at this stage, the upside momentum has faded away, the long-term trend remains positive. At the time of writing, BTC/USD is changing hands at $8,8360, which is 3.5% higher from this time on Monday. Since the beginning of the day, the coin is unchanged.

Bitcoin confluence levels  

There are a lot of significant technical barriers clustered both below and above the current price, which makes it harder to forecast the short-term direction. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$8,450 – the lowest level of the previous four-hour timeframe, SMA10 (Simple Moving Average) one-hour, SMA200 daily;
$8,550 – upper boundary of one-hour Bollinger Band, 23.6% Fibo retracement month;
$9,000 – 38.2% Fibo retracement monthly.

Support levels

$8,350 – 23.6% Fibo retracement weekly, the middle line of one-hour Bollinger Band;
$8,150 – SMA50,  SMA100 1-hour, 38.2% Fibo retracement daily, the middle line of four-hour Bollinger Band;
$7,750 – the lowest level of the previous week.