- BTC/USD bulls push the price towards new highs.
- The technical correction may be short-lived.
Bitcoin (BTC) hit $8,334 high before the technical correction started and took the price of the first digital coin back towards $8,000 handle. Despite a short-lived dip to $7,897, the coin was fast to return above the critical borderline, signalling that the upside trend is not exhausted yet.
Considering a strong upside momentum, the correction looks natural as speculative traders tend to book profit before entering new positions. The current bullish run wiped out all weak shorts from the market and assured even the most cautious skeptics that the crypto winter is over.
Bitcoin confluence levels
As we a pretty much in an uncharted territory, there are only few technical levels of note both above and below the current price.
- $8,200 – upper boundary of 4-hour Bollinger Bands, the highest level of the previous day, SMA5 15-min
- $8,400 – Pivot Point 1-day Resistance 1
- $8,950- Pivot Point 1-day Resistance 2
- $7,550 – Pivot Point 1-month Resistance 3, SMA10 4-hour, Pivot Point 1-week Resistance 3, lower boundary of 1-hour Bollinger Bands
- $7,260 – middle boundary of 4-hour Bollinger Bands, upper boundary of daily Bollinger Bands