Bitcoin price prediction: BTC/USD is in for a huge battle, eyes $8,500 – Confluence Detector
|- Bitcoin could potential refresh $8,500 support if $9,000 remains unconquered.
- The path towards $10,000 is laced with acute resistance levels including $8,774, $9,047 and $9,319.
Bitcoin is nurturing a slightly bullish momentum after defending $8,700 support. Teetering at $8,732, the largest crypto has the potential to correct above $9,000, however, it must break down the resistance at $8,800.
According to the confluence detector, the first resistance is seen at $8,684 and highlighted the Bollinger Band 15-minutes lower, previous low 1-hour, previous low 4-hour, previous low 15-mins, SMA five 15-mins and SMA ten 15-mins.
Further up, $8,774 will stand in the way of upward correction towards $9,000. Converging here is the previous high 1-hour, Bollinger 1-hour middle, previous high 15-mins, SMA 100 15-mins, SMA ten 4-hour and the SMA 200 15-mins among other indicators.
The journey to $10,000 does not get any easier as the confluence detector places more resistance at $9,047 and $9,319.
As far as support is concerned, short-term support is seen at $8,593 as shown by the previous low one-day, SMA 50 one-day and Bollinger Band 4-hour lower. If the selling pressure heightens, $8,502 will come to the rescue of the bulls. It hosts indicators such as the pivot point one-week support one and the pivot point one-day support 2.
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