Bitcoin price prediction: BTC/USD hunting for a breakout – Confluence Detector


  • Bitcoin stuck under a resistance between $8,328 and $8,415 after the shallow recovery lost steam around $8,300.
  • The initial support at $8,242 remains vulnerable to losses.

Bitcoin upward movement continues to be limited under the 23.6% Fib retracement level we discussed earlier today. A shallow recovery from the recent deep is unable to sustain gains above $8,300. For now, the price is likely to remain pivotal at $8,300. However, a break past the Fibo resistance could pave the way for gains above the next hurdle of $8,400.

According to the confluence detector tool, Bitcoin must clear the current resistance between $8,328 and $8,415 for it to stir more action towards $8,800 (medium-term target). This region is characterized by a high concentration of sellers. Besides, it is home to a cluster of technical indicators including the Bollinger Band 15-minutes middle, previous low one-hour, Simple Moving Average (SMA) 10 15-mins, BB one-hour middle, SMA 100 one-hour among others.

However, clearing the above does not guarantee a safe rise to $8,800, Bitcoin bulls must be ready to face more resistance at $8,501 and $8,673. Further correction above $8,800 will come face to face with the hurdle at $8,845.

As far as support is concerned, Bitcoin remains quite vulnerable to declines. However, there is weak initial support of $8,242 but if Bitcoin pierces this zone, the price will change focus all together with a downside target to the next viable support at $7,811.

fxsoriginal

More confluence levels

 

 

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 resumes the decline after a consolidation period

Bitcoin crashed below $8,700 and tested $8,550 during early Asian hours on Thursday. The coin moved outside the recent range and extended the downside into the end of the week. BTC/USD has lost 2% since the beginning of the day and 1% in recent 24 hours. 

More Bitcoin News

Altcoin segment: bullish war drums

Sunny King, the creator of the consensus protocol Proof of Stake (PoS), has stated in a recent interview that Bitcoin has a vital role as a reference value in the crypto-verse, but that the highest growth potential is in the Altcoin segment.

More Cryptocurrencies News

ETH/USD hovers around $185.00, vulnerable to further losses

ETH/USD is trading at $185.27 at the time of writing, having recovered from the intraday low of $184.11. The second-largest digital asset with the current market value of $18.8 billion has lost 1.34% of its value since the beginning of Thursday and stayed mostly unchanged on a day-to-day basis. 

More Ethereum News

Ripple price prediction: XRP/USD smashes below critical support of $0.2700 – Confluence Detector

Ripple’s XRP extended thee sell-off to $0.2633 on Thursday. The coin is moving in sync with the market, controlled by bearish sentiments. A sustainable move below $0.2700 support bodes ill for XRP's short-term forecast, making it vulnerable to further losses.

More Ripple 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