Bitcoin Price Analysis: BTC/USD bulls eye explosive breakout to $9,500 – Confluence Detector
|- Bitcoin price rises from support at $8,800 to extend to $9,500 if several subtle resistance zones are cleared.
- BTC/USD downside is protected by strong support levels at $8,891 and $8,705 (also former resistance zones).
Bitcoin price recovery on Monday closed in on $9,000 but the seller congestion at the same level culminated in losses towards $8,800. Since the surge to $9,500 on Thursday last week, BTC/USD has only been able to retest $9,200 (on Sunday). At the time of writing, the price has spiked above $8,900 and heading towards $9,000. Several subtle resistance levels stand in the way to $9,500. However, with the right volume, proper momentum and the surge above $9,000, BTC/USD could hit levels close to $10,000 before the halving next week.
The Confluence Detector resistance and support
According to the confluence tool, the majority of resistance levels are now in the rearview and even turned into strong support areas. Meanwhile, Bitcoin is facing initial resistance at the previous high 15-mins and the previous high one-day. Another subtle resistance is seen at $9,076 and is home to the Bollinger band 1-hour upper and the Fibo 23.6% one-week. All these are minor resistance zones likely to prepare the bulls for the strong seller zone at $9,541. The previous month high, previous week high and pivot one-day resistance meet.
As mentioned, the former resistance zones have been transformed into support areas including $8,891 as highlighted by the SMA five one-day, SMA 100 1-hour, SMA 50 1-hour, the Bollinger Band 4-hour middle and the SMA 200-15-mins and $8,705 which converges the Fibo 23.6% one-month and the Fibo 38.2% one-day.
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