Bitcoin Price Prediction: BTC/USD bulls retreat after a brief flirtation with the $9,000 zone. Can they take the price back up? - Confluence Detector
- BTC/USD bulls retreated after reaching an intra-day high of $9,005.45.
- The daily confluence detector shows two strong resistance levels on the upside at $9,130 and $9,170.
BTC/USD daily confluence detector
BTC/USD buyers were in control of the market as the Friday session came to a close. The price of the leading cryptocurrency jumped from $8,712.60 to $8,914.40. The bulls actually managed to cross the $9,000 level and reached intra-day highs of $9,005.45, however, the bears immediately stepped back in to correct the price. The daily confluence detector shows us that there are two strong resistance levels at $9,130 and $9,170. This means that the bulls should be able to take the price back above $9,000 if they manage to rally together. $9,170 has the one-month Pivot Point resistance three, while $9,130 has the 200-day Simple Moving Average (SMA 200) and one-day Pivot Point resistance three.
On the downside, there are two support levels at $8,615 and $8,865. $8,615 has the SMA 5, one-day Pivot Point resistance one, one-day Previous High and 15-min Bollinger Band lower curve, while $8,865 has the one-month Fibonacci 161.8% 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.
