Bitcoin Price Prediction: BTC/USD aim for $8,200 - Confluence Detector

  • BTC/USD went up from $8,005 to $8.050 as markets opened this Tuesday.
  • BTC/USD lacks strong resistance levels to $9,000.

BTC/USD bulls will be looking to overcome the $8,200 barrier in the short-term. Currently, they have taken the price up from $8,005 to $8,050 as the markets opened this Tuesday. To make matters more exciting, the daily confluence detector indicates that the market lacks strong resistance levels until $9,000. 

BTC/USD Daily Confluence Detector

As per the daily confluence detector, a resistance level stack lies from $8,325 to $8,445. The confluences at those levels are - 1-week pivot point resistance 1, 4-hour Bollinger band upper curve, and previous week high.

The support levels lie at $7,900-$7,990, $7,660-$7,740, $7,500, $7,475, and $7,300. The confluences at those levels are:

  • $7,900-$7,990: 100-day simple moving average (SMA 100), 15-min Bollinger band middle curve, weekly 23.6% Fibonacci retracement levels, 15-in previous low, SMA 50, hourly Bollinger band middle curve, SMA 200, SMA 5, 4-hour previous high, daily 38.2% Fibonacci retracement level, and hourly previous low.
  • $7,660-$7,740: Weekly 38.2% Fibonacci retracement level, hourly Bollinger band lower curve, 4-hour previous low, SMA 50, SMA 200, 4-hour Bollinger band, daily 61.8% Fibonacci retracement level.
  • $7,500: 1-month pivot point resistance 3, SMA 10, and 1-day pivot point support 1.
  • $7,475: No confluence detected.
  • $7,300: Weekly 61.8% Fibonacci retracement level.
     

BEST BROKERS TO TRADE CRYPTO

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.