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Bitcoin Price Prediction: Will BTC/USD stay above $8,000? - Confluence Detector

  • BTC/USD went up from $7,811.60 to $8,199.30 this Friday.
  • Two healthy support levels are keeping the price above the $8,000 level.
Bitcoin Price Prediction: Will BTC/USD stay above $8,000? - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD had a bullish start to the day, following a buyer-heavy Friday. This Friday, BTC/USD went up from $7,811.60 to $8,199.30, which has gone up further to $8,211.55. The daily confluence detector shows us that strong resistance lies at $8,465, which has the one-month Pivot Point resistance two.

On the downside, there are two healthy support levels at $8,000 and $8,035. $8,000 has the five-day Simple Moving Average (SMA 5), SMA 100, 15-min Bollinger Band and four-hour Previous Low. Finally, $8,035 has the one-week Fibonacci 38.2% retracement level.
 

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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