Bitcoin price prediction: BTC/USD bulls have a hard time staying above $8,000 abyss Confluence Detector – FXStreet

BTC/USD hovers marginally above $8,000 after a short-lived dip to $7,990 on Tuesday. A sustainable move below this psychological barrier will trigger a sharp sell-off and take the price to $7,800-$7,7000 area. At the time of writing, BTC/USD is changing hands at $8,060, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday.

Looking technically, there are a lot of barriers clustered above the current price, which means that the recovery may be limited. Lets have a closer look at the technical levels that may serve as resistance and support areas for the coin.

$8,150 - 38.2% and 61.8% Fibo retracement daily, the middle line of 1-hour Bollinger Band, a host of short-term SMAs (Simple Moving Average)$8,350 - SMA100 1-hour, 161.8% Fibo projection$8,500 - SMA50 (Simple Moving Average) daily, 61.8% Fibo retracement monthly, SMA200 1-hour$8,700 - 38.2% Fibo retracement weekly

$7,900 - Pivot Point 1-week Support 2, the lower line of 4-hour Bollinger Band$7,500 - Pivot Point 1-month Support 1$7,300 - The lowest level of the previous month.

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Bitcoin price prediction: BTC/USD bulls have a hard time staying above $8,000 abyss Confluence Detector - FXStreet

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