- BTC/USD bulls struggle at the critical resistance zone.
- Important support is created by Monday’s low on approach to $6,500.
Bitcoin (BTC) has barely moved on Tuesday. The first digital asset has been hovering around $6,800 after an unsuccessful attempt to recover above psychological $7,000. The market has been range-bound amid growing uncertainty ahead of the third halving. The exerts noted the weakening correlation between gold and Bitcoin as the precious metal moved above $1700 for the first time since 2012.
Read more: Bitcoin Price Analysis: BTC/USD decouples from gold, Peter Schiff rejoices
Bitcoin confluence levels
There are a lot of strong technical barriers clustered both below and above the current price. It means Bitcoin may continue moving sideways in the nearest future. On the upside, a confluence of strong technical barriers is clustered at $7,000. This area is likely to serve as an upper boundary of the consolidation channel. On the downside, $6,500 will serve as a support area. Let’s have a closer look at the technical levels for BTC/USD:
Resistance levels
$7,000 – 61.8% Fibo retracement weekly, Pivot Point 1-day Resistance 1, daily SMA5
$7,150 – 38.2% Fibo retracement weekly, daily SMA50
$7,350- Pivot Point 1-week Resistance 1, Pivot Point 1-day Resistance 3
Support levels
$6,700 – 38.2% Fibo retracement daily, the lowest level of the previous week, 23.6% Fibo retracement daily, the lower line of 4-hour Bollinger Band
$6,500 – the lowest level of the previous day, Pivot Point 1-week Support 1.
$6,250 – Pivot Point 1-week Support 2
BTC/USD, 1-day
Share
