RATE Group | BTC/USD stays above $8,000, massive resistance lies ahead – Confluence Detector
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BTC/USD stays above $8,000, massive resistance lies ahead – Confluence Detector

03 Oct BTC/USD stays above $8,000, massive resistance lies ahead – Confluence Detector

Posted at 06:58h in Bitcoin News by

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  • Bitcoin price must clear the bump at $8,400 to allow bulls to readjust target towards $9,000.
  • The downside is strongly protected above $8,300 while dips under $8,000 will find refuge at $7,792 and at $7,444 respectively.

Bitcoin price managed to avert the danger of sliding below $8,000 during the downtrend witnessed on Wednesday. Coming out as strong viable support was the 100 simple moving average (SMA) on the one-hour chart. At the moment, a shallow recovery is underway above the 50 SMA. Bitcoin price is hitting on the immediate resistance at $8,400 but let us observe the confluence levels.

The confluence detector tool, a tool uniquely provided by FXStreet for identifying viable support and resistance zones places the initial hurdle at $8,400. The bulls must clear the downward pressure at this zone in order to clear the path towards $8,500. The indicators converging to form the resistance range from the previous high 15-minutes, previous high one-hour,…

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