Bitcoin bulls must fight to break the resistance at $8,128 to avert declines beneath $8,000.
Between the prominent resistance at $8,128 and $8,548 exists several medium-strong hurdles.
Bitcoin is once again losing its bullish mojo witnessed during the Asian trading session on Wednesday. The trading earlier in the day saw the price hit highs of $8,148.95. However, the 0.17% subtle loss has had Bitcoin adjust to the current $8,118. The expanding volatility coupled with the bearish trend suggests that Bitcoin is still at the risk of dipping to lower levels.
Meanwhile, Bitcoin is slightly below the most prominent resistance zone as highlighted by the confluence tool. If the price breaks above $8,128, there is a huge potential that Bitcoin could trend towards $8,500. Some of the indicators making this zone a hard nut to crack are the previous low 4-hour, Bollinger Band 15-minutes lower, previous high 15-mins, Bollinger Band 1-hour middle, SMA 100 15-mins and SMA 50 15-mins.
The journey to the next key resistance at $8,548 will not be a smooth one either. This is due to the medium-strong hurdles at $8,212, $8,380 and $8,464. The indicators converging at $8,548 include the SMA 200 1-hour, SMA 50 one-day and Fibonacci 61.8% one-month.
In regards to support areas, Bitcoin first support is seen at $7,960 and is highlighted by the Bollinger Band 4-hour lower curve. Other lower but important support areas are$7,539.57 and $7,371.