Bitcoin price prediction: BTC/USD shifts focus to $8,400 – Confluence Levels
|- Bitcoin re-entered the $8,000 range after gains to $10,000 cut short at $9,200.
- BTC/USD path of least resistance is to the south as $8,400 bottom becomes apparent.
Bitcoin price is in the middle of a battle to defend the short term tentative support at $8,800. An attempt to break above $9,600 resistance last week not only bounced but also culminated in a drop under $9,000. Bitcoin explored the levels below $9,000 on Friday to the extent of testing $8,600.
Meanwhile, the shallow recovery that beat the consolidation over the week stalled short of $9,200. BTC/USD is back under $9,000 while the sellers have eyes on $8,400. Correction to this level will not be entirely a bad idea as it is likely to create fresh demand in preparation for a potential end of the year rally.
Bitcoin confluence levels
Bitcoin’s path of least resistance is to the south as displayed by the confluence detector tool. The upside is marred with a prominent resistance level at $9,009. The 38.2% Fibonacci one-week, SMA five 1-hour, the previous low 4-hour and the Bollinger Band 15-minutes middle converge in the zone to form the resistance.
Marginally above $9,009, BTC will encounter more resistance at $9,100 as highlighted by the previous high 4-hour. In range leading to $10,000, there are numerous mild resistance levels.
On the downside, support areas towards $8,000 are still in grave danger. Some of these tentative mild support levels include $8,824, $8,732, $8,548 and $8,455.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.