Bitcoin price prediction: BTC/USD consolidates gains above $9,500 – Confluence Detector
|- Bitcoin’s former resistance zones transformed into viable support areas.
- $9,749 is the only prominent resistance zone that must be broken for Bitcoin to hit $10,000 again.
The bulls are back but this time in style and extreme aggressiveness. The largest crypto on the market cranked up the bullish train last Friday and extended the meticulous recovery above $10,000. Bitcoin moved closer to $10,500 before reversing the trend testing $9,000 support. A quick bounce occurred where Bitcoin has touched $9,938 (intraday high). However, the price has adjusted to the current market value of $9,642.
Bitcoin confluence levels
Meanwhile, the confluence indicator tool places the first resistance zone at $9,749. The zone happens to be the most prominent hurdle and is home to the previous high 15-minutes, the Simple Moving Average (SMA) five one-hour, Fibonacci 61.8% one-month, Bollinger Band 15-mins middle curve and the pivot point one-week resistance two.
If the above resistance is cleared, Bitcoin bulls will have an easy time pushing gains above $10,000 because the only other significant barrier is at $10,357.
On the flip side, the former resistance zones have been turned into viable support areas. In other words, $9,042 is the initial support. It is characterized by the Fibo 38.2% one-month. Other support zones include $8,841 and $8,538.
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