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


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP