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
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.
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.
