Bitcoin Price Analysis: There is a very strong level near 8K to watch out for

Bitcoin trades slightly lower on Thursday as price meets some resistance at the 55 EMA.
Above the current level, there is a strong Fib confluence level near 8K.

Rajan Dhall, MSTA FX Daily

Bitcoin daily chart

Bitcoin is having a breather today as the price stalls at the 55 daily exponential moving average. After the pair took the 7K level it seems as if there was no looking back but today could be a dead cat bounce scenario. Looking at the volume histogram at the bottom of the chart it seems the activity is pretty thin here too.

Looking closer at the technicals on the daily chart, you can see the Fibonacci extension (blue) and Fibonacci retracement (black) 61.8% area both land on 8K. That is a great zone as there is resistance there too from a previous wave and its a psychological round number. The price is some way away from the zone but these levels tend to act like a magnet for price. So if the pulls keep control then we are sure to test the area.

Additional levels

BTC/USD

Overview
Today last price	7302.27
Today Daily Change	-66.64
Today Daily Change %	-0.90
Today daily open	7368.91

Trends
Daily SMA20	6602.11
Daily SMA50	7423.77
Daily SMA100	8149.72
Daily SMA200	8116.13

Levels
Previous Daily High	7426.72
Previous Daily Low	7154.7
Previous Weekly High	7254.75
Previous Weekly Low	5854.85
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7322.81
Daily Fibonacci 61.8%	7258.61
Daily Pivot Point S1	7206.83
Daily Pivot Point S2	7044.76
Daily Pivot Point S3	6934.81
Daily Pivot Point R1	7478.86
Daily Pivot Point R2	7588.8
Daily Pivot Point R3	7750.88

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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Additional levels

BTC/USD

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