Bitcoin Price Prediction: Path to $8000 is clear, but can it be sustained?

  • BTC/USD is currently priced at $7,965.
  • Path to $8,000 has two average resistance levels.

BTC/USD bulls face middling resistance to $8,000 as per the daily confluence detector. Currently, the price is sandwiched between resistance and support levels. Over the last few days, the bulls have repeatedly tried and successfully breached the $8,000-level, but they have failed to sustain it successfully.

BTC/USD Daily Confluence Detector

The support levels are at - $7,950, $7,925, $7,880, $7,800, and $7,750 - $7,775. The confluences at those levels are:

  • $7,950: SMA 100 and 1-hour Bollinger band  middle curve.
  • $7,925: SMA 10 and daily 38.2% Fibonacci retracement level.
  • $7,880: Daily 23.6% Fibonacci retracement level.
  • $7,800: 1-day previouw low and 1-day pivot point support 1.
  • $7,750 - $7,775: 10-day simple moving average (SMA 10), SMA100, and SMA 5.

The resistance levels are at $7,970, $8,000, $8,130, and $8,290. The confluences at those levels are:

  • $7,970: SMA 100 and hourly Bollinger band middle curve.
  • $8,000: SMA 5, SMA 10, and daily 61.8% Fibonacci retracement level.
  • $8,130: 1-day previous high and 1-day pivot point resistance 1.
  • $8,290: 1-Day pivot point resistance 2.


 

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