Bitcoin price prediction: Can BTC/USD bulls go past $8,000?
|- BTC/USD had an extremely bullish Monday following two bearish days.
- The confluence detector shows strong resistance at $8,200.
BTC/USD bears have eked out an advantage in the early hours of Tuesday as the price went down to $7,978. This follows an extremely bullish Monday where the price went up from $7635 to $7962.35, charting a 4.30% rise in price. As of now, the main goal for the bulls lies in overcoming the $8,000-resistance level. So, will they be able to do that? Let’s take a look at the daily confluence detector to gain a better understanding.
BTC/USD daily confluence detector
Support levels are at $7,960-$7,980, $7,870-$7,890 and $7,775. The confluences at those levels are:
- $7,960-$7,980: 15-ming Bollinger band middle curve, weekly 38.2% Fibonacci retracement level, SMA 5, SMA 200, SMA 50, daily 23.6% Fibonacci retracement level and 1-hour previous low.
- $7,870-$7,890: 5-day simple moving average (SMA 5), hourly Bollinger band middle curve, 4-hour Bollinger band middle curve, SMA 100 and daily Fibonacci 38.2% retracement level.
- $7,775: Weekly Fibonacci 23.6% retracement level.
The resistance levels are at $8,030, $8,100, $8,200, $8,250 and $8,300. The confluences at those levels are:
- $8,030: 15-min Bollinger band upper curve, 4-hour previous high and SMA 10.
- $8,100: No confluence detected.
- $8,200: Daily Bollinger band middle curve and monthly Fibonacci 23.6% retracement level.
- $8,250: Daily pivot point resistance 1 and SMA 100 curve.
- $8,300: The top-most resistance level has the weekly 61.8% Fibonacci retracement level.
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.