Bitcoin Price Prediction: BTC/USD hints retracement to $8,600 – Confluence Detector
|- Bitcoin bullish momentum losses steam as the price slides under $9,000.
- The increased selling activity leaves $10,000 nothing but a mirage.
Bitcoin has been mostly in the green on Monday following a few days of posting a winning streak. The move above $9,000 revived the hopes of seeing Bitcoin trade towards the psychological $10,000 level. However, for now, BTC/USD is holding on to the subtle 0.77% gains on Monday. Unfortunately, there has been a shallow retracement with Bitcoin returning into the $8,000 range.
Bitcoin confluence levels
Initially, Bitcoin’s upside is limited at $9,010 as highlighted by the previous low 1-hour, previous high one-day, pivot point one-week resistance one, SMA 50 15-minutes and the previous high 15-mins. The journey towards $9,200 will face more hurdles at $9,196 and a zone where the Bollinger Band one-day upper curve, the pivot point one-month resistance three, previous week high and the Bollinger Band one-hour upper curve.
On the flip side, initial support is observed $8,823 where the SMA 10 4-hour and the 61.8% one-week. Also in line to offer support is $8,637 which is home to the Fibo 161.8% one-month and the SMA ten one-day.
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