RATE Group | BTC/USD retreats back inside the range – Confluence Detector
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BTC/USD retreats back inside the range – Confluence Detector

10 Dec BTC/USD retreats back inside the range – Confluence Detector

Posted at 09:29h in Bitcoin News by

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  • BTC/USD reversed Monday’s gains, returned to the critical support of $7,300
  • The coin may have entered a consolidation phase.

BTC/USD made another failed attempt to settle above $7,600 on Monday. The first digital coin touched $7,654 before retreating to $7,357 by the time of writing. Bitcoin is down 1.6% on a day-to-day basis and unchanged since the beginning of the day. Bitcoin’s average daily trading volume exceeded $18 billion against $14 billion on Monday, while the market share settled at 66.9%

Bitcoin confluence levels 

Looking technically, strong barriers are clustered both above and below the current price. It means the coin may be vulnerable to range-bound trading in the short run. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$7,450 – 38.2% Fibo retracement daily, the middle lines of 1-hour and daily Bollinger Bands, SMA10 (Simple Moving Average) daily. 
$7,500…

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