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Bitcoin Price Prediction: Following strong bullish rally, BTC/USD runs out of steam near the $9,000 mark - Confluence Detector

  • BTC/USD improved from $8523 to $8,918.42 this Monday.
  • There are three strong resistance levels at $8,930, $9,100 and $9,175.
Bitcoin Price Prediction: Following strong bullish rally, BTC/USD runs out of steam near the $9,000 mark - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bears corrected the price from $8,918.42  to $8,849.75 in the early hours of Tuesday. This follows a heavily bullish Monday, where the price went up from $8523 to $8,918.42. The daily confluence detector shows three strong resistance levels at $8,930, $9,100 and $9,175. $8,930 has the one-month Fibonacci 23.6% retracement level and the one-hour Previous high, while $9,100 has the SMA 10 and one-day Pivot POint resistance-one. Finally, the $9,175 level has no confluences detected. On the downside, there is a healthy support stack between $8,780 and $8,815. This stack has the SMA 5, one-week Fibonacci 23.6% retracement level, one-hour Bollinger Band and one-day Fibonacci 38.2% retracement level.

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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