Bitcoin price prediction: BTC/USD dives below $8,000, danger ahead - Bitcoin confluence


  • BTC/USD tests water below critical support at $8,000.
  • A sustainable move lower will take the price to $7,700.

Bitcoin (BTC) is in a dangerous position as the price slipped below critical support level of $8,000 during early Asian hours. If the breakthrough
is confirmed, the downside momentum will gain traction with the next focus on $7,700. The coin is down 2% since the beginning of the day and 1.1% on a day-on-day basis.

Bitcoin confluence levels 

At the time of writing, BTC/USD is changing hands at $7,980. There are a lot of significant technical barriers clustered above the current price, while the way to the South is practically clear. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$8,150 - SMA50 (Simple Moving Average) one-hour, SMA10 four-hour, 61.8 Fibo retracement daily;
$8,250 -  61.8% Fibo retracement weekly, SMA10 daily, the highest level of the previous day;
$8,550 - Pivot Point one-week Resistance 1, the highest level of the previous week;

Support levels

$7,800 - 23.6% Fibo retracement weekly, Pivot Point one-day Support 3;
$7,700 - the lowest levels of the previous week and the previous month, Pivot Point one-week Support 1
$7,300 - Pivot Point one-week Support 2.

fxstreet original

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin technical analysis: BTC/USD odds of a rally to $14,000 before December 31

Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000. The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.

More Bitcoin News

Monero analysis: XMR/USD breaks out from the rest, gains 2% on Wednesday

Monero is arguably the biggest single-digit gainer among the major cryptocurrencies on Wednesday. In a gloomy crypto market, XMR is posting at least a 2% growth on the day. The Asian trading session was characterized by bullish muscle-flexing which ...

More Monero News

Litecoin technical analysis: LTC/USD inclines towards the beckoning $50 level

Litecoin is trading above a long-term descending trendline resistance but $70 hurdle remains unconquered. LYC/USD continues to battle bearish pressure in a bid to stay above $60. The formation of a rising wedge pattern means that a breakdown towards $50 is in the offing.

More Litecoin News

Chinese news agency hails bitcoin as “first successful application of blockchain”

Xinhua, a Chinese state news agency, recently praised bitcoin in a front-page article. The flagship cryptocurrency was hailed as blockchain technology’s first successful application.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP