Bitcoin Price Forecast: The bitcoin bulls have 8K in thier sights

Bitcoin trades 0.61% higher on Friday but the bulls fail to capitalise of Thursday's gains.
The price seems to be stalling at the 38.2% Fibonacci retracement level.

BTC/USD daily chart

Bitcoin is still looking positive on Friday despite the bulls not pushing above the high seen yesterday. The price looks like its heading toward some more serious resistance zones including the 200 daily simple moving average, which incidentally is placed close to the 8K psychological level.

Looking at some of the other technical levels now, the relative strength index indicator is also trading above the 50 mid-line positive territory. There is also space for the indicator to move higher as it has not reached the overbought zone yet. The volume is still looking a little bit light so if there is to be a break higher it would be good to see an increase. Lastly, if there is to be a move up, the black trendline could act as a resistance zone as it has halted one other move in the past.

Additional levels

BTC/USD

Overview
Today last price	7538.3
Today Daily Change	44.39
Today Daily Change %	0.59
Today daily open	7493.91

Trends
Daily SMA20	7037.81
Daily SMA50	6781.72
Daily SMA100	8037.39
Daily SMA200	7977.76

Levels
Previous Daily High	7765.01
Previous Daily Low	7032.13
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7485.05
Daily Fibonacci 61.8%	7312.09
Daily Pivot Point S1	7095.69
Daily Pivot Point S2	6697.47
Daily Pivot Point S3	6362.81
Daily Pivot Point R1	7828.57
Daily Pivot Point R2	8163.23
Daily Pivot Point R3	8561.45

Share: Cryptos feed

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.