Bitcoin Price Forecast: BTC/USD ready for further growth after a move above $9,300 – Confluence Detector
- BTC/USD may continue growing towards the next resistance of $9,600.
- The ultimate target of $10,000 is within reach now.
BTC/USD tested $9,500 during early US hours and settled at $9,450 by press time. The sustainable move above $9,300 improved the technical picture and opened up the way to the next resistance created by $9,500-$9,600 that separates the price from a straight move to $10,000. BTC/USD has gained over 2.5% in recent 24 hours, while its market share increased to 66.3%
The intraday chart shows that the RSI stays inside an overbought territory, though there are no signals of reversal as of yet. It means that the coin may repeat the attempt to break above $9,500-$9,600 in the nearest future.
BTC/USD 1-hour chart
Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,500 – 61.8% Fibo retracement weekly, Pivot Point 1-day Resistance 2
$10,000 – Pivot Point 1-month Resistance 1, the upper line of the daily Bollinger Band
$10,500 – Pivot Point 1-week Resistance 2
Support levels
$9,300 – 38.2% Fibo retracement weekly, the middle line of the daily Bollinger Band, the highest level of the previous day
$9,000 - 38.2% Fibo retracement daily, 23.6% Fibo retracement weekly, 4-hour SMA10
$8,700 - 23.6% Fibo retracement monthly, Pivot Point 1-day Support 2
Author
Tanya Abrosimova
Independent Analyst
