Bitcoin is said to be retracing the trend in 2018 and is yet to find a bottom for a significant rally. Bitcoin only has one more support protecting it from a potential dive to levels around $7,200. Bitcoin’s recent could have found a pit stop at $8,500 but not a credible bottom. For this reason, the recovery momentum could not overpower the bears’ front staged at $8,800. Meanwhile, the ongoing retreat casts danger on the zone at $8,500 (recent support). According to Mike McGlone, an analyst with Bloomberg the current downtrend is in no hurry to stop. “The best way to describe the market is its’s retracing last year’s bear market.” He continues, It’s in no hurry to take out the old highs – there’s a hangover of the residual selling from the parabolic rally in 2017. There’s just a lot of people who it, got way too overextended, who will be responsive sellers.” Bitcoin confluence levels The technical confluence indicator places the first and significant resistance in a range between $8,6452 and $8,732. Multiples of indicators crowding this zone show that upward correction will not come easy. Some of these indicators include the SMA ten 15-minutes, Bollinger Band 1-hour upper, previous week low, Bollinger Band 15-mins middle, previous high 1-hour, pivot point one-day support one, previous low one-day and SMA 15-mins among others. The strongest support is highlighted at $8,821 by the SMA 100 1-hour, Fibonacci 61.8% one-day, SMA 100 15-mins, Fibo 23.6% one-day and Bollinger Band 15-mins. It is important that Bitcoin bulls come out strongly to push Bitcoin towards $9,000. However, the largest crypto is just one more support break from plunging to levels around $7,200 (possible bottom). Such a drop is not entirely a bad move as it is likely to create more demand from those waiting to buy at a lower price. 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 USD/JPY: Tough resistance – Commerzbank FX Street 3 years Bitcoin is said to be retracing the trend in 2018 and is yet to find a bottom for a significant rally. Bitcoin only has one more support protecting it from a potential dive to levels around $7,200. Bitcoin's recent could have found a pit stop at $8,500 but not a credible bottom. For this reason, the recovery momentum could not overpower the bears' front staged at $8,800. Meanwhile, the ongoing retreat casts danger on the zone at $8,500 (recent support). According to Mike McGlone, an analyst with Bloomberg the current downtrend is in no hurry to stop. "The best way… 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.