- The cryptocurrencies bleed courtesy of Bitcoin’s drop from highs above $8,400.
- Bitcoin is facing acute resistance towards $8,400 but the downside is equally protected.
Bitcoin is wallowing in red stormy waters after wondering downstream in the wake of the rejection from $8,400. The entire cryptocurrency market is following suit by posting losses ahead of the weekend session. For instance, all the top three coins are suffering under the hands of the bears with Bitcoin trading 1.1% lower on the day, Ethereum at -1.23% and Ripple at -1.25%.
Bitcoin confluence levels
The confluence tool display of support and resistance levels highlights how strongly Bitcoin has been barred from actioning a reversal. The initial resistance at $7,779 is host to various indicators including the previous high 15-minutes, SMA 10 15-mins, previous low one-day, previous low 4-hour and the Bollinger Band 15-mins middle.
The bulls must ready for a fight their lives considering that higher movement will come face to face with more hurdles at $7,860, $7,940, $8,021 and $8,343. However, on breaking the key $8,400 barrier, the journey to $9,000 will be relatively smooth.
On the downside, there are stacks of support areas ready to cushion Bitcoin against a possible drop to $7,000. Such support zones range from $7,699 as highlighted by the pivot point one-day support one, $7,538, $7,457, $7,296 and $7,136.
On the other hand, consolidation is expected in the coming weekend session. However, more action towards $8,400 and the psychological $9,000 is expected next week.
More confluence levels
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