Bitcoin Price Analysis: BTC/USD surge above $9,000 awakens the bulls – Confluence Detector
|- Bitcoin price is drawing closer to $9,500 after breaking above the resistance at $9,000.
- BTC/USD must break the resistance at $9,384 for a smoother ride to $9,500; all eyes are still glued to $10,000.
Bitcoin price soared above $9,000 for the second time since the crash to $8,100 over the weekend. The first time Bitcoin broke above this resistance, it failed to clear the selling pressure at $9,200 and eventually refreshed the levels in the $8,000’s range. Meanwhile, BTC/USD is not only trading above $$9,000 but also sitting comfortably above $9,300. The bulls’ idea was to overcome the resistance at $9,500 and move towards $10,000. However, the seller congestion at $9,400 still stands in the way.
According to the confluence detector tool, the price action above $9,000 has put the strong resistances into the rearview. At the momentum, buyers are battling a minor hurdle at $9,384 as highlighted by the previous high 1-hour, the previous high 15-minutes and the Bollinger Band 15-minutes upper curve. Towards $10,000, price action will face resistance at $9,578; a region that is home to the pivot point one-day resistance one and the Fibonacci 38.2% one-week.
On the downside, the former resistance at $9,287 is now functioning as the short term support. The Bollinger Band 4-hour upper, SMA 50 15-minutes, previous low one-hour and the Fibonacci 23.6% one-day meet in this zone. The significant support lies with $9,190 as highlighted by the Bollinger Band one-hour middle, the 200 SMA 1-hour and the Fibonacci 38.2% one-day.
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