Bitcoin bulls have no choice but to defend $8,000 support for dear life. Correction towards $9,000 will be an uphill task unless Bitcoin finds a catalyst. Bitcoin bears have been increasing the pressure on support areas since the drop in value from $8,800 last week. Movement upwards is acutely limited with bulls deciding to remain out of the picture. Bitcoin is trading at $8,167 after failing to hold above $8,300 on Tuesday. As discussed in the price analysis earlier today, Bitcoin is likely to refresh the lows towards $7,700 (recent low) and even breakdown to $7,000 is the price reacts to the formed flag pattern. The confluence detector shows that there is a high concentration of resistance areas compare to the almost non-existent support zone. The most prominent resistance is seen at $8,295 and is home to Simple Moving Average 200 15-minutes, SMA five one-day, SMA 50 one-hour, and the Fibonacci 61.8% daily. Further up a cluster of medium-strong resistance levels populates the region between $8,295 and $9,060. On the downside, the only strong support is $7,786 highlighted using the pivot point one week support one and the previous week low. In the event declines push harder towards $7,000, weak support at $7,276 will try to cushion the drop. More confluence levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US Retail Sales and Brexit negotiations amongst market movers today – Danske Bank FX Street 4 years Bitcoin bulls have no choice but to defend $8,000 support for dear life. Correction towards $9,000 will be an uphill task unless Bitcoin finds a catalyst. Bitcoin bears have been increasing the pressure on support areas since the drop in value from $8,800 last week. Movement upwards is acutely limited with bulls deciding to remain out of the picture. Bitcoin is trading at $8,167 after failing to hold above $8,300 on Tuesday. As discussed in the price analysis earlier today, Bitcoin is likely to refresh the lows towards $7,700 (recent low) and even breakdown to $7,000 is the price reacts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
