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Bitcoin price prediction: BTC/USD on the verge of bullish breakthrough – Confluence Detector

  • BTC/USD has retreated from the recent high.
  • The short-term consolidation may lead to a bullish breakthrough.
Bitcoin price prediction: BTC/USD on the verge of bullish breakthrough – Confluence Detector
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


BTC/USD reached the top at $9,580 on Monday only to retreat to $9,411 by the time of writing. Despite the decline, BTC/USD is trading with 2.2% gains on a day-to-day basis amid global recovery on the cryptocurrency market. 

Read also: Cryptocurrency market update: Bitcoin refreshes $9,500 while Stellar skyrockets by 20%

Bitcoin confluence levels 

Looking technically, there are quite a few important barriers clustered with below and above the current price, which means that BTC/USD may be prone to range-bound trading in the short-run with positive bias. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$9,600 -  38.2% Fibo retracement weekly, the highest level of the previous day
$9,700 - psychological level, 23.6% Fibo retracement weekly and monthly
$10,000 - psychological level, the highest level of the previous week, the upper line of the Bollinger Band on a daily chart

Support levels

$9,200 - SMA50 (Simple Moving Average) on  one-hour and four-hour charts, SMA200 one-hour, 38.2% Fibo retracement monthly, the middle line of four-hour Bollinger Band
$9,000 - the lowest level of the previous week
$8,850 - Pivot Point one-week Support 1, 161.8% Fibo projection daily.

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Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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