RATE Group | BTC/USD bounced from the support level – Confluence Detector
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BTC/USD bounced from the support level – Confluence Detector

07 Nov BTC/USD bounced from the support level – Confluence Detector

Posted at 14:40h in Bitcoin News by

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  • BTC/USD has recovered from the intraday low.
  • The short-term consolidation may continue in the nearest future.

BTC/USD reached the bottom at $9,129 on Thursday and recovered to $9,200 by press time. Despite the recovery, BTC/USD is trading with 1.5% losses both on a day-to-day basis and since the beginning of the day. 

Bitcoin confluence levels 

Looking technically, there are quite a few important barriers clustered above the current price, which means that BTC/USD may have a hard time on its quest to the North. The retreat looks like a path of least resistance at this stage, though we will need to see a sustainable move below $9,000 for the sell-off to gain traction.  

Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$9,250 –  38.2% Fibo retracement monthly, the lowest level of the previous day, SMA50 (Simple Moving Average) 4-hour, SMA200 1-hour
$9,300 – SMA100, SMA50…

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