Bitcoin price prediction: Bulls power through as BTC/USD re-enter $8,000-zone, peaks above $8,200
|- Daily confluence detector shows four healthy resistance levels on the upside.
- On the downside, there are two support levels of note at $8,175 and $7,750.
BTC/USD has gone up from $8,215.70 to $8,230.10 so far today. This follows a heavily bullish Monday, wherein the price jumped up from $7,862.65 to $8,215.70, going up by 4.5%. However, it looks like the upside is a little limited for now. The daily confluence detector shows us that massive resistance lies at $8,250, which is pushing the price down. Strong resistance also lies at $8,600, $9,000 and $9,030.
BTC/USD daily confluence detector
$8,250 has the five-day Simple Moving Average (SMA 5), SMA 10, SMA 50, 15-min Bollinger Band lower curve, four-hour previous low, one-hour previous low, 15-min previous low and one-week Fibonacci 61.8% retracement level.
$8,600 has the previous week high, SMA 200 and one-week pivot point resistance one. $9,000 has the one-month Fibonacci 38.2% retracement level and one-week pivot point resistance two. Finally, $9,030 has the one-day pivot point resistance three.
Now, let’s look at the support levels. Support lies at $8,175 and $7,750. $8,175 has the one-day Fibonacci 38.2% retracement level and SMA 5, while $7,750 has the previous month low and previous week low.
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