Bitcoin price prediction: BTC/USD consolidates ahead of a looming rally – Confluence Detector


  • Bitcoin's impressive rally stalls above $8,700 on the SEC’s rejection of a BTC ETF.
  • Bitcoin is strongly supported while a move above $8,600 is likely to give way for gains towards $9,000.

Bitcoin is trading above $8,500 on Thursday after retreating from highs above $8,700. The bullish action from $8,100 support ground to a halt around $8,712. As discussed in the technical analysis published earlier today, the price is consolidating within flag pattern whose breakout is expected to catapult BTC/USD above $9,000.

FXStreet reported that a Bitcoin-exchange traded fund (ETF) proposal by Bitwise exchange has been rejected by the United States Securities and Exchange Commission (SEC). The retreat in Bitcoin price was largely caused by the negative news coupled with the oversold conditions.

Bitcoin confluence levels

fxsoriginal

Bitcoin is currently trading above key barriers that have since turned into vital support zones. The initial resistance is at $8,607 and happens to be the most prominent sellers’ congestion zone. A bullish action above this zone could allow movement towards $9,000. However, the buyers will have to clear the hurdle at $8,964 highlighted by38.2% Fibonacci one-month and the pivot point one-week resistance two.

As mentioned, former barriers have turned into vital support areas. The first support is placed at $8,518. Corrections towards $8,000 are likely to be stopped by $8,251. However, in the case of extended declines under $8,000, $7,717 will come in handy.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP