Bitcoin price prediction: BTC/USD upward progression remains restrained – Confluence Detector

  • 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

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


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