Bitcoin price prediction: Can BTC/USD bulls break past resistance at $8,200?
- BTC/USD went up from $7,920 to $8,175 during Wednesday.
- The critical $8,200 resistance level has thwarted the market before.
BTC/USD price went up from $7,920 to $8,175 on Wednesday and is currently trading for $8,180 during the early hours of Thursday. The daily confluence detector shows us that bulls face strong resistance at $8,200. This same level has thwarted the market multiple times before. If the bulls can overcome that, then they will have a clear path to $8,300 before meeting the next resistance level at $8,315.
BTC/USD daily confluence detector
The resistance levels are at $8,200 and $8,315. The confluences at those levels are:
- $8,200: 15-min previous high, hourly previous high, 4-hour previous high, 15-min Bollinger band upper curve and monthly 23.6% Fibonacci retracement level.
- $8,315: The topmost resistance level has the weekly 61.8% Fibonacci retracement level.
The support levels are at $8,100-$8,125, $8,000, $7,980 and $7,925. The confluences at those levels are:
- $8,100-$8,125: Daily 38.2% Fibonacci retracement level, 5-day simple moving average (SMA 5) and 4-hour previous low.
- $8,000: SMA 10 and daily 61.8% Fibonacci retracement level.
- $7,980: SMA 200 and weekly 38.2% Fibonacci retracement level.
- $7,925: SMA 10 and 1-day pivot point support 1.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
