Bitcoin Price Prediction: Can BTC/USD really go back into the $8,000 zone? - Confluence Detector
- BTC/USD must overcome two healthy resistance levels to get back into the $8,000-zone.
- On the downside, three strong support levels are holding the price up.
BTC/USD confluence detector
BTC/USD had a heavily bullish Monday wherein its price went up from $7,354.60 to $7,744.35. In the process, it charted four consecutive bullish days. The daily confluence detector shows us that if the bulls can overcome two strong resistance levels at $7,785 and $7,840, it may possibly re-enter the $8,000 zone. $7,785 has the Previous Month high, while $7,840 has the one-month Pivot Point resistance one.
On the downside, there are three strong support levels at $7,645, $7,600 and $7,540. $7,645 has the one-week Pivot Point resistance one and one-hour Bollinger Band upper curve, while $7,600 has the 15-min, four-hour and one-day Bollinger Bands. Finally, the $7,540 level has the five-day Simple Moving Average (SMA 5) curve and the Previous Week high.
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.
