Bitcoin price prediction: Can BTC/USD bulls go past $8,000?
- BTC/USD had an extremely bullish Monday following two bearish days.
- The confluence detector shows strong resistance at $8,200.
BTC/USD bears have eked out an advantage in the early hours of Tuesday as the price went down to $7,978. This follows an extremely bullish Monday where the price went up from $7635 to $7962.35, charting a 4.30% rise in price. As of now, the main goal for the bulls lies in overcoming the $8,000-resistance level. So, will they be able to do that? Let’s take a look at the daily confluence detector to gain a better understanding.
BTC/USD daily confluence detector
Support levels are at $7,960-$7,980, $7,870-$7,890 and $7,775. The confluences at those levels are:
- $7,960-$7,980: 15-ming Bollinger band middle curve, weekly 38.2% Fibonacci retracement level, SMA 5, SMA 200, SMA 50, daily 23.6% Fibonacci retracement level and 1-hour previous low.
- $7,870-$7,890: 5-day simple moving average (SMA 5), hourly Bollinger band middle curve, 4-hour Bollinger band middle curve, SMA 100 and daily Fibonacci 38.2% retracement level.
- $7,775: Weekly Fibonacci 23.6% retracement level.
The resistance levels are at $8,030, $8,100, $8,200, $8,250 and $8,300. The confluences at those levels are:
- $8,030: 15-min Bollinger band upper curve, 4-hour previous high and SMA 10.
- $8,100: No confluence detected.
- $8,200: Daily Bollinger band middle curve and monthly Fibonacci 23.6% retracement level.
- $8,250: Daily pivot point resistance 1 and SMA 100 curve.
- $8,300: The top-most resistance level has the weekly 61.8% Fibonacci retracement level.
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.
