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.

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