Home Bitcoin price prediction: Bears have their way as BTC/USD slides under $8,000 – Confluence Detector
Crypto News

Bitcoin price prediction: Bears have their way as BTC/USD slides under $8,000 – Confluence Detector

  • Bitcoin dips under $8,000 after failing to clear the resistance at $8,800.
  • A shortage of viable support levels puts Bitcoin at risk of plunging towards $7,000.

For the first time in Bitcoin is back to trading under the critical $8,000. The failure to break above $8,400 this week must have left the buyers demoralized. I’d like to assume that the drop under $8,000 is necessary to create demand for Bitcoin towards the end of this week.

Bitcoin is trading at $7,952 after correcting lower 0.57% on the day. The prevailing trend is strongly bearish despite the low volatility being witnessed. Bitcoin has a market capitalization of $144 billion and a trading volume in the 24 hours of $15 billion.

Bitcoin confluence levels


According to the confluence detector tool the immediate resistance that Bitcoin bulls are forced to deal with is $7,985. A cluster of indicators calls this zone home including the Bollinger Band 15-minutes lower, previous high 15-mins, previous low four-hour, the Simple Moving Average Convergence (SMA) five one-hour, BB 15-mins middle and the previous high one-hour among others.

In the event a correction above $8,00 comes into play, buyers should brace themselves to tackle to the hurdle at $8,315 highlighted by the SMA 200 one-hour, SMA 50 four-hour and Fibonacci 161.8% one-day. Further movement towards $9,000 must clear the strong resistance at $8,894.

On the downside, there is a shortage of support areas with $7,820 being the only visible significant support zone. The level is home several indicators including the pivot pint one week support one, pivot point one-day support two and the previous week low.

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.