- Popular Crypto-Twitter analyst is very bullish on Bitcoin and the crypto market in the long-term.
- Bitcoin price fails to break above $8,400 hurdle leaving the door for a bearish action currently testing $8,200 short-term support.
Bitcoin majestic recovery from $7,800 on Monday continues to shape the bullish picture across the market. Although the price action appears to have stalled short of $8,400, a popular Crypto-Twitter analyst called Big Cheds says that Bitcoin is bullish in the long-term. Big Cheds told Cointelegraph that:
“The crypto market, in general, continues [to grow] as technology improves and we see exchanges adapting to fluctuating retail and institutional market,” he added “I am very bullish long term.”
Bitcoin confluence levels
The confluence detector shows Bitcoin trading within a wide range of support and resistance. Key support (range support) is seen at $7,774 while the critical resistance (upper range limit) is highlighted at $8,974. Between these two limits are subtle levels that will wither offer support or limit upward movement leading to frequent up and down movements.
The support at $7,774 is currently highlighted by the previous low one-day, previous month low, previous week low and pivot point one-week support one.
On the upside, the critical resistance at $8,974 is home to the Fibonacci 38.2% one-month, pivot point one-week resistance two and pivot point one-day resistance three.
More confluence levels
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