Bitcoin price prediction: Bulls aim to break past $9,335 resistance level
- BTC/USD is currently trading for $9,295.
- BTC/USD bulls have earlier failed at the $9,335 resistance level.
BTC/USD is currently trading for $9,295 in the early hours of Thursday, following a bullish Wednesday. The bulls took the price up from $9,078.35 to $9,265 over this Wednesday. Before that, BTC/USD enjoyed six straight bullish days from June 12th to June 17th, where the price went up from $7,920 to $9,335 before it met massive resistance. Upon encountering the resistance, the price went down from $9,335 to $9,078.25 before it recovered this Wednesday.
BTC/USD daily confluence detector
The BTC/USD daily confluence detector shows two resistance levels at $9,335 and $9,500. The $9,335 level has the hourly previous high, 4-high previous high and daily previous high. The $9,500 level, which is a stronger resistance level than the $9,335 level, has the 1-week pivot point resistance 2 and 1-day pivot point resistance 2.
The support levels are at $9,225, $9,160 and $9,100-$9,125. $9,225 has the daily 38.2% Fibonacci retracement level and 5-day simple moving average (SMA 5) curve. $9,160 has the SMA 10, SMA 100 and daily 61.8% Fibonacci retracement level. Finally, the stack from $9,100-$9,125 has the SMA 5, 1-day pivot point support 1, previous month high and 1-week pivot point resistance 1.
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.
