Bitcoin price prediction: Bulls face strong resistance on path to $8,000 - Confluence detector
|- BTC/USD is priced at $7,890 following a bullish Thursday.
- Strong resistances lie at $7,990 and $7,950.
BTC/USD started the day at $7,890. Bitcoin had a very bullish Thursday where its price went up from $7,620 to $7,888. The bears had managed to pull the price down to $7,565 on Thursday morning before the bulls came back in and push the price up to $7,920. The sellers got it down to $7,888 by the end of the day. The confluence detector shows two very strong resistance levels that the bulls will need to overcome before reaching $8,000-level.
BTC/USD daily confluence detector
The resistance levels lie at $8,100, $7,990 and $7,950-$7,920. The confluences at those levels are:
- $8,100: The presence of the 1-day pivot point resistance 1 provides a moderately strong confluence.
- $7,990: Hourly Bollinger band upper curve, 4-hour previous high and 1-day previous high.
- $7,950-$7,920: 15-min previous high, weekly 23.6% Fibonacci retracement level and SMA 5.
Support levels are at $7,880, $7,850, $$7,770-$7,800 and $7,680. The confluences at those levels are:
- $7,880: Moderately strong support which has the daily 23.6% Fibonacci retracement level.
- $7,850: 10-day simple moving average (SMA 10) gives this level its strength.
- $7,770-$7,800: Daily 38.2% Fibonacci retracement level, 4-hour previous low, SMA 200, SMA 50 and SMA 10.
- $7,680: Daily 61.8% Fibonacci retracement level and weekly 38.2% Fibonacci retracement level.
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