Rajarshi Mitra
Independent Analyst
- BTC/USD has gone down from $8,115 to $7,825 in the early hour of Tuesday.
- If the bulls can gain the momentum back, they have a clear path up to $8,150.
BTC?USD had a bearish Monday as its price went down from $8,744 to $8,133. Tuesday has also had a bearish opening as the price went down further from $8,115 to $7,825. Even though the sentiment remains bearish, the daily confluence detector shows us that if the bulls can get back their momentum, they have a clear path back up to $8,150.
BTC/USD daily confluence detector
On the upside, we have several resistance levels beginning from $8,170, which has the 1-day Bollinger band middle curve. Up next, we have the strongest resistance level at $8,200, which has monthly 23.6% Fibonacci retracement level. Above that, we have levels at $8,300, $8,360, and $8,385 which has the 1-day pivot point support 3, weekly 61.8% Fibonacci retracement level and daily 161.8% Fibonacci retracement level respectively. Finally, the confluence detector is capped off at $8,400, which has the 1-day pivot point support 2.
On the downside, there are two healthy support levels at $7,950 and $7,875, which have the 1-week pivot point support 1 and previous week low respectively.
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