Bitcoin price prediction: How low is BTC/USD going to fall after dropping below $8,000?
- BTC/USD has dropped from $8,060 to $7,986.50 so far today.
- The $7,920 support level is critical right now, as it is preventing a further drop.
BTC/USD bears continue to have a relentless hold on the market. So far today, BTC/USD has dropped from $8,060 to $7,986.50. This follows a bearish Thursday, where the price fell from $8,440 to $8,057.25. The hourly breakdown shows us that the price was trending at around $8,440 for the most part before it suddenly dropped to $7,910. The bulls found support at that level and took the price back up to $8,060. However, the bears started Friday strong and brought back BTC/USD below the $8,000-level, around $7,986.50.
BTC/USD daily confluence detector
The BTC/USD daily confluence detector shows four strong resistance levels on the upside at - $8,015, $8,090, $8,180-$8,200 and $8,320. $8,015 has the one-day Fibonacci 38.2% retracement level. $8,090 has the 15-min Bollinger Band middle curve and 10-day Simple Moving Average (SMA 10). $8,180-$8,200 has the four-hour previous high, SMA 5 curve and one-day Fibonacci 61.8% retracement level. $8,320 has the SMA 200 curve.
On the downside, support level lies at $7,920, which has the one-day Fibonacci 23.6% retracement level. If the bears break below this level then they will be able to take BTC/USD down to $7,750.
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.
