Bitcoin price prediction: Can BTC/USD re-enter $9,000? The daily confluence detector certainly believes so
- BTC/USD crossed the $8,500 barrier for the first time since September 25 this Wednesday.
- The daily confluence detector shows the lack of any prominent resistance levels on the path back to $9,000.
BTC/USD had a heavily bullish Wednesday, wherein the price went up from $8,181.60 to $8,595. In the process, the price managed to break past the $8,500-level for the first time since September 25. The hourly breakdown shows us that BTC/USD jumped from $8,15.25 to $8,639.45 in just five hours. After failing to get past the $8,639.45 mark, the price dipped down a bit and trended horizontally, and landed up around $8,565.25, as of press time.
BTC/USD daily confluence detector
The daily confluence detector makes for some very promising reading. There is only one resistance level of note at $8,600, which has the 5-day Simple Moving Average (SMA 5), SMA 200, one-day Bollinger Band middle curve and 15-mine previous low. If the bulls can get past this level, then they should be able to make it to $9,000 with little difficulty.
On the downside, support level lies at $8,480, which has the one-day Fibonacci 38.2% retracement level and one-month Fibonacci 23.6% retracement level.
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.
