Bitcoin price prediction – Will the bears take BTC/USD below $8,200?

• BTC/USD is currently priced at $8,205 in the early hours of Friday.

• The daily confluence detector shows an immensely strong support level at $8,200.

In the early hours of Friday, BTC/USD is sitting above the $8,200 support level and is priced at $8,205. Bitcoin has had a bullish Wednesday and Thursday, wherein the price went up from $7,920 to $8,245. The bulls will need to rally together to keep the price above the $8,200-level. The daily confluence detector shows us that there is a healthy support level at $8,200.

BTC/USD daily confluence detector

$8,325 and $8,250. $8,345 has the meeting of 4-hour previous high and 1-day previous high. $8,325 has the weekly 61.8% Fibonacci retracement level. Finally, $8,250 has the confluence of daily Bollinger band middle curve, daily 38.2% Fibonacci retracement level and 50-day simple moving average (SMA 50) curve.

On the downside, the support levels are at $8,200, $8,115, $8,060, $8,000, $7,980 and $7,925. The confluences at those level. The strongest and the most critical support level is at $8,200, which has the 1-hour previous low, hourly Bollinger band middle curve, SMA 5 and monthly 23.6% Fibonacci retracement level. $8,115 doesn’t have any confluence. $8,060 has the 1-day previous low and 4-hour Bollinger band middle curve. The $8,000 level has the SMA 200 and SMA 5 curves. $7,980 sees the meeting of weekly 38.2% Fibonacci retracement level. Finally, the $7,925-level has the 1-day pivot point support 2, SMA 200 and SMA 10.

Rajarshi Mitra

FXStreet

David – http://markethive.com/david-ogden