- Bitcoin is trading at $8,159 on Thursday supported initially at $8,113.
- Bitcoin former hurdles have turned into strong support zones.
BTC/USD has been keen to sustain yesterday gains above $8,000. This level had been particularly important following a period of indecision on the market. Sustained growth above $8,000 meant that BTC/USD has the potential to rise higher. Just like the breakout yesterday which propelled Bitcoin above $8,200 hurdle and sent it to levels slightly below $8,300. On the flipside, failure to break past $8,000 would have resulted in breakdowns towards $7,500.
Meanwhile, Bitcoin is trading at $8,159 on Thursday supported initially at $8,113 (buyer congestion zone) according to the confluence detector tool. The technical levels converging here range from the 5SMA 1-hour, Bollinger Band 15-min middle, SMA 50 15-min, SMA 10 1-h, SMA 100 15-min BB 1-h Middle, previous low 4-h, BB 15-min Lower, SMA 10 4-h, BB Band 1-h Lower and the 38.2% Fib level daily and the previous low 1-h.
Bitcoin former hurdles have turned into strong support zones. In the event a reversal occurs beyond $8,113 support, $7,689.24 will come in handy. Highlighting the support at this level is the Fibo 38.2% 1-min and the Pivot Point 1-D S2.
On the upside, the tough times are behind Bitcoin. Hence, a correction above the first hurdle at $8,198 could key to the rally that will eventually bring Bitcoin back to levels around $9,000. The confluence at $8,198 is formed by the 5 SMA 1-h, BB 15-min Lower, SMA 50 15-min, SMA 10 1-h, SMA 100 15-min, BB 1-h Middle and the Bollinger Band 1-D Middle among others.
Higher correction past this level will be undeterred until Bitcoin hits $8,800 and test the resistance at $8,876.
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