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

Published on 6/14/2019
For additional information  Click Here

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.

Bitcoin has been able to find some stability after rapidly surging back above the critical $8,000 level earlier this week, signaling that BTC’s bulls are not yet ready to surrender to its bears, which means that further gains could be imminent. Although the possibility of further gains remains strong, some analysts are apt to note that Bitcoin does appear to be forming a notorious head & shoulders formation that may favor the crypto’s bears. ;

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