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Bitcoin price prediction: BTC/USD to sprint into the $9,000 level? - Confluence Detector

  • BTC/USD shows a lack of resistance levels on its path back to the $9,000 zone.
  • $8,480 has the strongest support level.
Bitcoin price prediction: BTC/USD to sprint into the $9,000 level? - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD buyers had a huge victory this Friday as the price shot up from $7,437.40 to $8,638.80, going up by 16.25%. In the process, BTC/USD reached its highest price in over two weeks. The hourly breakdown shows us that the price has been trending in a narrow range between $7,376 to $7,514.25 before the bulls suddenly took control. BTC/USD spiked from $7,464 to $8,642.70, where it met intraday resistance. If BTC/USD can break past this level, then it may re-enter the $9,000 zone.

BTC/USD daily confluence detector

fxsoriginal

The confluence detector shows a lack of resistance levels on the upside. On the downside, there is one support level of note at $8,480, which has the previous week high, 15-min Bollinger Band lower curve, one-month Fibonacci 23.6% retracement level and the four-hour Bollinger band upper curve.
 

Author

Rajarshi Mitra

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.

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