Bitcoin Price Prediction: BTC/USD bulls don’t face any strong resistance levels on path back to $8,000 - Confluence Detector
- Strong resistance level lies at $8,145.
- On the downside, there are healthy support levels at $7,800 and $7,845.
BTC/USD daily confluence detector
BTC/USD continued to consolidate below the $8,000-level. The price of the asset dropped from $7,938 to $7,872.55 in the early hours of Thursday. The daily confluence detector shows us that there are no resistance levels of note on the path back to $8,000. A strong level lies at $8,145, which has the SMA 5 and one-week Pivot Point support-two.
On the downside, there are two healthy support levels at $7,800 and $7,845. $7,800 has the one-month Pivot Point support-one, while $7,845 has the one-day Fibonacci 38.2% retracement level and one-hour Bollinger Band middle curve.
Author
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.
