Bitcoin Technical Analysis: Road to $8,000 is clear – Confluence Detector
|- BTC/USD bulls push on the next resistance created by $7,500.
- Important support at $7,000 is reinforced by 23.6% Fibo weekly retracement.
Bitcoin (BTC) extended the recovery and hit $7,468 on Tuesday. At the time of writing, the first digital asset is changing hands at $7,350, while crypto bulls set their eyes at $7,500, which is the next critical resistance reinforced by daily SMA50. Bitcoin's market value reached $135 million, which is 64.2% of the total market capitalization.
Bitcoin confluence levels
There are a lot of strong technical barriers clustered below the current price. It means, Bitcoin is well-positioned for further recovery. On the downside, a cluster of support levels will slow down the retreat and create necessary technical conditions for the next bullish wave.
Resistance levels
$7,500 - Pivot Point 1-day Resistance 1, daily SMA50
$8,000 - Pivot Point 1-week Resistance 2
$8,200- daily SMA100, daily SMA200, Pivot Point 1-week Resistance 3
Support levels
$7,200 - 38.2% Fibo daily retracement, 4-hour SMA10, the lower line of 1-hour Bollinger Band
$6,950 - 23.6% Fibo weekly retracement, 1-hour SMA100 4-hour
$6,500 - SMA10 daily
BTC/USD, 1-day
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