RATE Group | BTC/USD stuck in a tight range after a dull recovery attempt – Confluence Detector
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BTC/USD stuck in a tight range after a dull recovery attempt – Confluence Detector

12 Nov BTC/USD stuck in a tight range after a dull recovery attempt – Confluence Detector

Posted at 13:44h in Bitcoin News by

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  • BTC/USD has been locked in a tight range after a recovery attempt.
  • Bulls need to clear $8,900 area to mitigate the downside pressure.

BTC/USD is hovering marginally above $8,700, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. The coin dropped below $8,600 on Monday; however a buffer of buying orders helped to stop the sell-off and pushed the price back above $8,700.

Read also: CoinMarketCap adds new metrics to fight fake trading volumes

Bitcoin confluence levels 

Looking technically, BTC/USD  is locked in a tight range with the upper boundary created by the upper line of 1-hour Bollinger Band at $8,765. Once it is out of the way, the upside is likely to gain traction with the next focus on $8,730 strengthened by a confluence of SMA50 (Simple Moving Average)  and SMA100 on 1-hour time frame.  A sustainable move above this barrier will help to mitigate the initial bearish pressure and bring $9,000 back into…

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