BTC/USD oscillates inside the range, $7,000 stays untouched – Confluence Detector

• BTC/USD recovery has faded away on approach to the resistance of $7,600.
• The coin remains range-bound as long as it stays above $7,000.

A failure at critical resistance area attracted new short-term sellers who eventually pushed BTC/USD to $7,200 from the recent high registered at $7,600. The first digital coin is down 2.2% on a day-to-day basis and unchanged since the beginning of the day. Bitcoin’s average daily trading volume exceeded $18 billion, while the market share decreased to at 66.6%

Bitcoin confluence levels 

Looking technically, strong barriers are clustered mostly above the current price. It means the bearish sentiment is a bit stronger at this stage. However, as long as psychological $7,000 remains unbroken, a sharp sell-off looks unlikely.  Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$7,300 –  23.6% Fibo retracement weekly and monthly, 38.2% Fibo…