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Bitcoin confluence detector: A single leap above $8,500 could thrust BTC/USD to $9,000 – Confluence Detector

  • Bitcoin adjusts from the intraday low of $8,321.16 to focus on breaking the critical barrier at $8,544.
  • If technical levels remain the same, a break above $8,544 could be all that Bitcoin needs to return above $9,000.

Bitcoin has remained relatively change since the beginning of the European session on Thursday. The granddaddy of cryptocurrencies is still battling the 0.29% loss on the day. Notably, BTC opened the session today at $8,436.65 and ascended to a high at $8,446.54. The price has touched an intraday low of $8,321.16 before adjusting to the current market value of $8,411.

The confluence detector tool places the first resistance zone at $8,456. A number of indicators converging to create the barrier range from the Fibonacci 38.2% daily, previous high 15-mins, previous high one-hour and the Bollinger Band 15-mins upper.

Bitcoin bulls must break above this level with an intention of breaking the critical barrier at $8,544 (which also a decision point for the price). Forming the resistance here is the pivot point 1-month S1, Bollinger Band 1-hour upper and the 61.8% Fibo daily.

The confluence tool shows that Bitcoin is likely to have a smooth ride to $9,000 if a breakout occurs in the near-term and technical levels remain relatively the same. Other critical levels in the north that traders can keep mind are $8,981 and $9,331.

On the downside there two viable support areas. The first is at $8,369 highlighted by the Fibo 23.6% daily, previous low four-hour, BB 15-mins lower, previous low one-hour and SMA 5 four-hour. The next second support is seen at $7,494 made to stand out by the pivot point monthly S2.

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