- BTC/USD stays range-bound on approach to $7,500.
- The support levels below the current price may serve as a jumping-off ground.
BTC/USD hit the recent high at $7,636 on December 7 and has been in range-bound with bearish bias ever since. At the time of writing, the first digital coin is changing hands at $7,508, unchanged both on a day-to-day basis and since the beginning of Monday. Bitcoin’s average daily trading volume reached $14 billion, while the market share settled at 66.7%
Bitcoin confluence levels
Looking technically, strong barriers are clustered mostly below the current price. It means the coin has a chance to resume the recovery if the nearest support area serves as a jumping-off ground for the coin.
The upside looks like a path of least resistance at this stage; however, we will need to see a sustainable move above the critical resistance level before the upside momentum gains traction. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$7,600 – the highest level of the previous hour, 23.6% Fibo retracement daily, the upper line of 1-hour Bollinger Band
$7,800 – Pivot Point 1-day Resistance 3, the highest level of the previous week
$8,250 – SMA50 (Simple Moving Average) daily, 161.8% Fibo projection daily
Support levels
$7,500 – the middle line of 1-hour Bollinger Band, a host of short-term SMA levels, 38.2% Fibo retracement, 61.8% Fibo retracement weekly, SMA50 (Simple Moving Average) 1-hour
$7,430 – 61.8% Fibo retracement daily, the lower line of 1-hour Bollinger Band, the middle lines of 4-hour and daily Bollinger Bands
$7,250 – 23.6% Fibo retracement weekly and monthly, Pivot Point 1-day Support 3
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