• 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.

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

XRP getting ready for a 50% upswing as consolidation hits the elastic limit

Ripple’s overhead barriers are still in place, as highlighted on the 4-hour chart. The seller congestion at $0.3 is an uphill battle, so is the 50 Simple Moving Average. 

More Ripple News

ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

More Cardano News

Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

More Yearn.finance News

LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

More Chainlink News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast