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

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.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin technical analysis: BTC/USD odds of a rally to $14,000 before December 31

Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000. The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.

More Bitcoin News

Monero analysis: XMR/USD breaks out from the rest, gains 2% on Wednesday

Monero is arguably the biggest single-digit gainer among the major cryptocurrencies on Wednesday. In a gloomy crypto market, XMR is posting at least a 2% growth on the day. The Asian trading session was characterized by bullish muscle-flexing which ...

More Monero News

Litecoin technical analysis: LTC/USD inclines towards the beckoning $50 level

Litecoin is trading above a long-term descending trendline resistance but $70 hurdle remains unconquered. LYC/USD continues to battle bearish pressure in a bid to stay above $60. The formation of a rising wedge ...

More Litecoin News

ETH/USD keeps trending horizontally in a narrow $11-range

ETH/USD daily chart keeps trending horizontally in a narrow $11-range between $191 and $180. Currently, Ethereum is priced at around $185.85 and is floating above the SMA 20 and SMA 50 curves.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP