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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.
Bitcoin Price Analysis: There is a very strong level near 8K to watch out for
Rajan Dhall, MSTARajan Dhall, MSTAFX 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.

Bitcoin Fib Confluence level

Additional levels

BTC/USD

Overview
Today last price7302.27
Today Daily Change-66.64
Today Daily Change %-0.90
Today daily open7368.91
 
Trends
Daily SMA206602.11
Daily SMA507423.77
Daily SMA1008149.72
Daily SMA2008116.13
 
Levels
Previous Daily High7426.72
Previous Daily Low7154.7
Previous Weekly High7254.75
Previous Weekly Low5854.85
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7322.81
Daily Fibonacci 61.8%7258.61
Daily Pivot Point S17206.83
Daily Pivot Point S27044.76
Daily Pivot Point S36934.81
Daily Pivot Point R17478.86
Daily Pivot Point R27588.8
Daily Pivot Point R37750.88

Author

Rajan Dhall, MSTA

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

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