- Bitcoin struggles to re-attack levels towards $8,500 but the bears' grip is too strong.
- Bitcoin bulls remain resilient in their quest to push Bitcoin above $9,000.
Bitcoin bears have continued to push the price lower for the second day in a row. The selloffs witnessed have seen the price dive from levels above $8,300 to test $8,100 (short-term) support. With the prevailing bearish trend, low volume and a low volatility, it means that upward movement will stay limited.
Elsewhere, Forbes editor-in-chief Steve Forbes referred to Bitcoin as a “high tech cry for help” due to the lack of trust in the current traditional currencies. He however, said that Bitcoin fluctuations are extreme. On the other hand, he displays a clear understanding of Bitcoin and its involvement in the current and future status of the financial markets.
“It’s performed a very important role in helping people in distressed situations around the world: getting around governments that want to control you and starve you and hurt you.”
Meanwhile, Bitcoin recent correction from the levels above $8,300 found support around $8,096 (confluence buyer congestion zone). The indicators in this zone include the pivot point one-day support one, Bollinger Band four-hour middle and the 100 Simple Moving Average (SMA) one-hour. The next key support is placed at $7,758 as highlighted by the pivot point one-week support one, previous month low and the previous week low.
On the upside, the buyers must clear the hurdle at $8,266 to open the path towards $9,000. The cluster of indicators in this area range from SMA 10 one-day, SMA 100 15-minutes, Bollinger Band 15-mins upper, Fibonacci 38.2% one-day and the previous high four-hour.
The rest of the journey to $9,000 will have to overcome more hurdles at $8,435, $8,520 and $8,604.
More confluence levels
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