Bitcoin Price Analysis: BTC/USD consolidates under $9,000, confluence detector shows clear path to $9,500 – Confluence Detector
- BTC/USD has a strong resistance level at $9,515.
- Healthy support lies at $8,700.
BTC/USD daily confluence detector
BTC/USD had a bearish start to Saturday as the price dropped from $8,828.50 to $8,810. The price is currently consolidating below the $9,000 level. The daily confluence detector show healthy support at $8,700, which has the 15-min Bollinger Band lower curve, one-day Bollinger Band upper curve, one-week Fibonacci 38.2% retracement level and one-month Fibonacci 23.6% retracement level.
If the bulls gain enough momentum, they can potentially take the price back into the $9,500-level before encountering strong resistance at $9,515. This resistance level has the Previous Week high, Previous Month high and 4-hour Bollinger Band upper curve.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
