The cryptocurrency space a buzz with developments, some good and some not so good. Facebook is grinding closer to releasing soon to launch stablecoin’s whitepaper. More than 100 employees are currently tasked with ensuring that that the social media behemoth enters the crypto industry with a groundbreaking project. On the other hand, India’s crypto community is forced to deal with the possibility of an absurd crypto ban draft bill becoming law. The proposed bill sets a 10-year jail term for anyone found selling, buying or holding cryptocurrencies.
Meanwhile, Bitcoin is sitting above a region with massive support in spite of the rejection following the brief surge above $8,000. The support at $7,667 is host to a number of key indicators highlighted by the confluence detector tool. Some of the indicators converging at $7,667 are 38.2% Fib level 1-minute, the Bollinger Band 4-hour lower and the 61.8% Fib level daily.
However, it is important that the buyer keep Bitcoin above this support. Failure to do so could lead to further breakdown and the next support is observed at $7,336.79. The converging indicators are the Bollinger Band 1-day lower and the Pivot Point 1-week S2.
Slightly above the current value ($7,965), Bitcoin will come face to face with acute seller congestion at $7,998. The previous high 15-minute, Bollinger 15’ middle, Pivot Point 1-d R1 and the Bollinger Band 4-hour upper make the confluence at this resistance level. Growth above $8,000 will bring BTC/USD to a point of decision making at $8,081 where further upside movements will remain undeterred until the next resistance at $8,247.
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Bitcoin correction past $8,080 will remain undeterred to the next resistance […]
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