- BTC/USD returns to $8,700, but the further upside is limited.
- The critical support is created on approach to $8,000.
Bitcoin (BTC) stays range-bound on Thursday. The first digital currency managed to recover towards $8,700, but the upside momentum is not strong enough to take the price to a critical $9,000. On a weekly basis, BTC/USD has gained over 14% with the potential to finish the fifth week in green territory.
Bitcoin confluence levels
It looks like BTC/USD will have to spend some more time in the range as the areas both above and below the current price are packed with strong technical levels.
Resistance levels
$8,730 – $8,750 – a host of Simple Moving Averages (SMA), including SMA100 15-min, SMA50 1-hour and SMA10 4-hour, Pivot Point day-1 Support-1
$9,000 – Pivot Point day-1 Resistance-2, 161.8% Fibo projection.
$9,200 – Pivot Point day-1 Resistance-3, the top line of 1-day Bollinger Band
Support levels
$8,650 – the lower line of 1-hour Bollinger Band, 61.8% Fibo retracement daily, the lower edge of 15-min Bollinger Band
$8,400-$8,430 – Pivot Point week-1 Resistance-1, the lowest level of the previous day.
$8,050 – 23.6% Fibo retracement weekly, the middle line of 1-day Bollinger Band.
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