Bitcoin price prediction: Bears have their way as BTC/USD slides under $8,000 – Confluence Detector


  • Bitcoin dips under $8,000 after failing to clear the resistance at $8,800.
  • A shortage of viable support levels puts Bitcoin at risk of plunging towards $7,000.

For the first time in Bitcoin is back to trading under the critical $8,000. The failure to break above $8,400 this week must have left the buyers demoralized. I’d like to assume that the drop under $8,000 is necessary to create demand for Bitcoin towards the end of this week.

Bitcoin is trading at $7,952 after correcting lower 0.57% on the day. The prevailing trend is strongly bearish despite the low volatility being witnessed. Bitcoin has a market capitalization of $144 billion and a trading volume in the 24 hours of $15 billion.

Bitcoin confluence levels

fxsoriginal

According to the confluence detector tool the immediate resistance that Bitcoin bulls are forced to deal with is $7,985. A cluster of indicators calls this zone home including the Bollinger Band 15-minutes lower, previous high 15-mins, previous low four-hour, the Simple Moving Average Convergence (SMA) five one-hour, BB 15-mins middle and the previous high one-hour among others.

In the event a correction above $8,00 comes into play, buyers should brace themselves to tackle to the hurdle at $8,315 highlighted by the SMA 200 one-hour, SMA 50 four-hour and Fibonacci 161.8% one-day. Further movement towards $9,000 must clear the strong resistance at $8,894.

On the downside, there is a shortage of support areas with $7,820 being the only visible significant support zone. The level is home several indicators including the pivot pint one week support one, pivot point one-day support two and the previous week low.

More confluence levels

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC bulls bank on S&P 500 rally and new fiscal stimulus

Bitcoin (BTC) is creeping towards $9,300 on Monday, however, all previous attempts to settle above this area proved to be futile. Bitcoin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday, while its market dominance dropped to 62.2%. 

More Bitcoin News

XRP/USD glued to $0.2000 after a failed recovery attempt

Ripple's XRP is changing hands at $0.2000, mostly unchanged both on a day-to-day basis and since the beginning of Monday. The coin has been locked in a tight range since July 11 after a retreat from the recovery high of $0.2117.

More Ripple News

IOT/USD lift-off to moon begins as $0.30 draws nigh

IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. 

More IOTA News

Ethereum Price Update

Ethereum (ETH) is changing hands at $243.90,  mostly unchanged both on a day-to-day basis and since the beginning of Monday. The second-largest digital asset has recovered above the short-term channel resistance $24.00, however, the further upside has stalled above $243.00. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP