Bitcoin Price Prediction: BTC/USD has a clear path back to the $9,000 zone - Confluence Detector
- BTC/USD jumped from $8,107 to $8,815 this Tuesday.
- The Confluence Detector shows two healthy support levels at $8,620 and $8,480.
BTC/USD daily confluence detector
BTC/USD has had a bearish start to this Wednesday after an exceptionally bullish Tuesday, wherein the price jumped from $8,107 to $8,815. Presently, the price has dropped to $8,730.50, but the daily confluence detector shows a complete lack of strong resistance levels on the upside. In other words, if the bulls regain their momentum, they will push the price above the $9,000-level.
On the downside, there are two healthy support levels at $8,620 and $8,480. $8,620 has the one-month Fibonacci 161.8% retracement level and the one-day Bollinger Band upper curve, while $8,480 has the one-month Pivot Point resistance two and the Previous Week high.
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.
