- BTC/USD is consolidating above $8,000, the further upside is limited.
- The critical resistance is seen on approach to $8,300.
Bitcoin (BTC) has been range-bound, with a short-term bullish bias. BTC/USD attempted a recovery above $8,200, but the upside seems to be limited at this stage. At the time of writing, BTC/USD is changing hands at $8,100, having gained 1.8% on a day-on-day basis.
Bitcoin confluence levels
Bitcoin bulls may have a hard time pushing Bitcoin price higher as a cluster of technical levels block their way to the North. We will need to see a sustainable move above $8,300 for the upside to gain traction, while the downside looks like a path of least resistance. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$8,300 – the upper line of one-hour Bollinger Band, the lower line of daily Bollinger Band, 23.6% Fibo retracement weekly;
$8,600 – Pivot Point one-day Resistance 2. Pivot Point one-month Support 1 the upper line of four-hour Bollinger Band
$8,700 – 38.2% Fibo retracement weekly.
Support levels
$7,850 – the lower line of four-hour Bollinger Band;
$7,750 – the lowest level of the previous week;
$7,400 – Pivot Point one-month Support 2.