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.
     

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Market share war shakes crypto market

Ethereum confirms the market's weakness in the short term as it closed yesterday at the price level of $195.5. Closing below the $200 level with such a small margin shows that the bulls are not in the business of defending the price structure to keep it up.

More Ethereum News

BCH/USD drawing nigh to $230 seller congestion

Bitcoin Cash has bounced off the support zone between $220 and $225. This cryptocurrency like many others, extended the bearish action during the weekend session. 

More Bitcoin Cash News

ETH/USD makes its way above $200, the recovery is slow

Ethereum bears took ETH price below psychological $200 on Monday, but a fresh buying interest located around this level helped to push the price back inside the previous consolidation range.

More Ethereum News

ADA/USD may retreat to $0.0450 before another bullish wave

Cardano (ADA) hit the intraday low of $0.0509 during early Asian hours and recovered to $0.0532 by press time. Despite the recovery, the coin is still nearly 7% lower from this time on Sunday.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls are nowhere to be seen

Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.

Read the weekly forecast

BTC

ETH

XRP