Bitcoin Price Prediction: BTC/USD retreat could be necessary for recovery to $9,000 - Confluence Detector


  • Bitcoin rests above $8,600 after the retreat from levels $8,930.
  • Further downside momentum appears to be imminent but $8,400 is likely to come out as support.

Bitcoin went crazily bullish for almost two days this week. The surge saw Bitcoin price rise to levels not reached since last November. For now, BTC/USD is dancing at $8,615 after losing 2.26% of its value on Wednesday.

Where Bitcoin goes next after the impressive rally this week is likely to depend on the ability of the bulls to hold the price above the key support at $8,400. In other words, a further retracement seems imminent and is likely to break below $8,500. Meanwhile, let us dive into the confluence support and resistance levels.

Bitcoin confluence levels

fxsoriginal

The confluence tool places the initial hurdle at $8,652. This zone is home to a cluster of key indicators, including the Bollinger Band daily upper, previous high 15-minutes, SMA five 15-mins, SMA ten 15-mins and the Bollinger Band 15-mins middle. The indicators converge to form the most prominent resistance. Therefore, if broken, Bitcoin could easily tackle the medium strong resistance at $8,742 in readiness for a fly past $9,000.

On the downside, the first support holds the ground at $8,473. Converging in this zone is the pivot one-month resistance two and the previous week high. The only other significant support above $8,000 is at $8,026 as highlighted by the 38.2% Fibo one week. Possible dips under $8,000 could seek refuge around $7,847 and $7.578.

More confluence levels

 

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

ETH ready for a decisive breakthrough, BTC range-bound

BTC/USD hit the intraday high above $11,400 during early Asian hours and retreated to $11,226 by press time. The first digital coin has stayed unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid low volatility.

More Bitcoin News

All phases of Ethereum 2.0 will positively impact the network – Analyst

The anticipation of Ethereum 2.0 is continuing to rise as the activity on the network is surging. Kelvin Koh, the co-founder of venture capital firm Spartan Group, has recently said that ETH 2.0 will have play a key role in the growth of the network.

More Ethereum News

ETC/USD faces stiff resistance at $7.35

Ethereum Classic (ETC) settled in a range above $7.00 after wild price swings on the weekend. At the time of writing, ETC/USD is changing hands at $7.20, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Ethereum Classic News

ADA/USD bulls remain in control as price goes up

Cardano successfully launched the Shelley hard fork a few days back and it currently has >620 active stake pools. These pools have a total of 2.74 billion ADA committed to staking. According to ...

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP