- Bitcoin price must clear the bump at $8,400 to allow bulls to readjust target towards $9,000.
- The downside is strongly protected above $8,300 while dips under $8,000 will find refuge at $7,792 and at $7,444 respectively.
Bitcoin price managed to avert the danger of sliding below $8,000 during the downtrend witnessed on Wednesday. Coming out as strong viable support was the 100 simple moving average (SMA) on the one-hour chart. At the moment, a shallow recovery is underway above the 50 SMA. Bitcoin price is hitting on the immediate resistance at $8,400 but let us observe the confluence levels.
The confluence detector tool, a tool uniquely provided by FXStreet for identifying viable support and resistance zones places the initial hurdle at $8,400. The bulls must clear the downward pressure at this zone in order to clear the path towards $8,500. The indicators converging to form the resistance range from the previous high 15-minutes, previous high one-hour, Bollinger Band 15-mins lower, Bollinger Band one-hour upper and the previous high one-day.
The further upward movement will face more resistance at $8,487 highlighted by the pivot point one-day resistance one and the Fibonacci 23.6% one-month. The journey to $9,000 has to clear more hurdles at $8,748.
On the flip side, Bitcoin is strongly supported at $8,313. This means that dips towards $8,000 are likely not to cause severe damage. Some of the indicators offering support here are the BB one-hour middle, 23.6% one-week, SMA 15-mins, and the SMA 10 four-hour among others. In the event, the price makes it under $8,000, the downside will find refuge at $7,792 and at $7,444 respectively.
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