Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:fxstreet

Advertisement

Copyright © 2020 Elevenews