|

Bitcoin Price Prediction: Road to $8,000 may be bumpy  – Confluence Detector

  • BTC/USD bulls managed to clear an important barrier.
  • The next important resistance is created by $8,000. 

Bitcoin (BTC) has been hovering above $7,500 on Friday. A strong upside momentum on Thursday caused by BitMEX liquidations ahead of CME Bitcoin futures expiry, helped the coin to break above strong psychological resistance $7,000 and hit the highest level in the recent month $7,748. While BTC/USD retreated from the peak, many traders expect further recovery ahead of the halving event that will take place in May. However, the trip to the North is riddled with barriers and hurdles that may cause setbacks and discourage short-term bulls.

Bitcoin confluence levels

Technical barriers clustered both below and above the current price may keep BTC in the range in the nearest future. On the upside, several clusters of resistance levels are located until $8,000. This area is likely to serve as an upper boundary of the consolidation channel. On the downside, $7,000 will serve as a support area. Let's have a closer look at the technical levels for BTC/USD:

Resistance levels

$7,700 -  Pivot Point 1-week Resistance 2
 $7,650 -  Pivot Point 1-day Resistance 1
$8,000 - daily SMA100 and daily SMA200

Support levels

$7,450 - 38.2% Fibo retracement daily, the middle line of 1-hour Bollinger Band, the upper line of the daily Bollinger Band
$7,200 - 61.8% Fibo retracement monthly
$7,000 - the middle line of the daily Bollinger Band, 4-hour SMA100, 23.6% Fibo retracement weekly, daily SMA10.

BTC/USD, 1-day
fxsoriginal

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Binance revokes SignalPlus API keys over potential security threat

Binance, the largest cryptocurrency exchange, announced on Thursday that it revoked the Application Programming Interface (API) keys linked to SignalPlus, a third-party institution-grade technology firm.

XRP gains ground as Ripple CEO says US crypto users aren’t going anywhere after midterms, calls for clear rules

Ripple (XRP) ticks higher on Thursday, trading near $1.32. The remittance token is up roughly 10% from last week’s trough at $1.20, suggesting that the path of least resistance is gradually flipping upward.

Top Altcoins Price Forecast: Ripple, Cardano and Solana extend post-midterms rally

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL) are trading in the green on Thursday, extending a steady recovery so far this week, driven by the post-US midterms relief.

Bitcoin claims $80,500 as short liquidations mount

Bitcoin (BTC) extends its rebound, climbing above $80,500 on Thursday after closing above the key Exponential Moving Averages (EMAs) the previous day. The rebound comes as a short squeeze triggers nearly $800 million in liquidations over the past 24 hours.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.