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Bitcoin price prediction: BTC/USD bears stay in control for the second day in a row, as price trends around $8,180

  • Bitcoin faces resistance at $8,230, according to the daily confluence detector.
  • The daily confluence detector shows us that there is a prominent support level on the downside at $8,125
Bitcoin price prediction: BTC/USD bears stay in control for the second day in a row, as price trends around $8,180
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has slightly gone down from $8,183 to $8,178 so far today. The bears managed to edge out the bulls this Tuesday as the price fell from $8,210.70 to $8,183. The daily confluence detector shows us that BTC/USD needs to break past resistance at $8,230 to fuel upward momentum. If the bulls can overcome that resistance, then they can go up to $8,475 before facing another resistance level of note. On the downside, there is a support level at $8,125, which is holding the price up.

BTC/USD daily confluence detector

fxsoriginal

$8,230 has the 100-day Simple Moving Average (SMA 100) curve, 15-min previous high, one-hour previous high, four-high previous high, 15-min Bollinger Band upper curve and one-week Fibonacci 61.8% retracement level.

$8,125 has the SMA 5, SMA 50, SMA 200, four-hour previous low and one-day previous low.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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