Bitcoin Price Prediction: BTC/USD bulls lack momentum to break past $9,000 - Confluence Detector


  • There is a lack of strong resistance levels on the upside.
  • On the downside, there are healthy support levels at $8,620 and $8,475.

BTC/USD daily confluence detector

fxsoriginal

The bears have taken control of BTC/USD as the market goes through a period of correction. The confluence detector shows us that there are still no strong resistance levels on the upside, holding the price down. On the downside, there are two healthy support levels at $8,620 and $8,475. $8,620 has one-hour Bollinger Band and one-month Fibonacci 161.8% retracement level, while $8,475 has the one-month Pivot Point resistance two and Previous Week high. What this essentially tells us is that if the bulls take control of the market, then they should be able to push the price above the $9,000-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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin unstoppable push to $12,000, China piloting digital currency in cities

BTC/USD again failed in the journey to overcome the resistance at $12,000. The bullish leg made it above the resistance at $11,600 but hit the next hurdle at $11,800.

More Bitcoin News

XRP/USD on the verge of a triangle breakout, is $0.32 within reach?

Ripple price has been narrowing within a falling triangle pattern for two weeks now. The retreat followed an impressive price action that has seen XRP rally from July lows at $0.1740. 

More Ripple News

ETH/USD persistent bullish push yields breakout to two-year high

Ethereum rallied to a two year high this week after stepping above $430. However, the rising value of Ether has not shifted the attention from the skyrocketing gas fees that are now said to be hurting the decentralized finance ecosystem.

More Ethereum News

Cardano Market Update: Bulls stay in control as staked ADA count crosses ten billion

With over ten billion ADA being staked and more than 920 active staking pools, Cardano appears to have reached a new milestone. After the recent Shelley upgrade, users have been able to stake their ADA ...

More TRON news

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP