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Bitcoin: What's next after BTC/USD breaks below $8,000? – Confluence detector

  • The price dipped from $8,151.38 to $7,984 in just two hours yesterday.
  • The daily confluence detector shows a resistance level at $8,185
Bitcoin: What's next after BTC/USD breaks below $8,000? – Confluence detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD suffered a heavily bearish Wednesday, wherein its price fell from $8,158 to $7,994, going below the $8,000-level in the process. So far this Thursday, the price has fallen further to $7,975. The hourly breakdown indicates that BTC/USD was trending horizontally before it dropped from $8,151.38 to $7,984 in just two hours. The daily confluence detector shows a resistance level at $8,185, while there are two healthy support levels at $7,775 and $7,715.

BTC/USD daily confluence detector

fxsoriginal

The $8,185 resistance level has the one-day previous high and one-week Fibonacci 61.8% retracement level. On the downside, the $7,775 support has the one-day pivot point support two and previous week low, while the $7,715 support level has the previous month low.
 

Author

Rajarshi Mitra

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.

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