Bitcoin price prediction: Can BTC/USD re-enter $9,000? The daily confluence detector certainly believes so
|- BTC/USD crossed the $8,500 barrier for the first time since September 25 this Wednesday.
- The daily confluence detector shows the lack of any prominent resistance levels on the path back to $9,000.
BTC/USD had a heavily bullish Wednesday, wherein the price went up from $8,181.60 to $8,595. In the process, the price managed to break past the $8,500-level for the first time since September 25. The hourly breakdown shows us that BTC/USD jumped from $8,15.25 to $8,639.45 in just five hours. After failing to get past the $8,639.45 mark, the price dipped down a bit and trended horizontally, and landed up around $8,565.25, as of press time.
BTC/USD daily confluence detector
The daily confluence detector makes for some very promising reading. There is only one resistance level of note at $8,600, which has the 5-day Simple Moving Average (SMA 5), SMA 200, one-day Bollinger Band middle curve and 15-mine previous low. If the bulls can get past this level, then they should be able to make it to $9,000 with little difficulty.
On the downside, support level lies at $8,480, which has the one-day Fibonacci 38.2% retracement level and one-month Fibonacci 23.6% retracement level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.