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  • 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

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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