Bitcoin Price Prediction: BTC/USD at breakout threshold and the lift-off towards $9,500 – Confluence Detector
- 21st July 2020
- Posted by: Hakeem
- Category: CryptoCurrency
- Bitcoin is facing the toughest barrier at $9,216 which if broken could see it approach $9,500 much faster.
- BTC/USD is hanging at the edge of a cliff with very little support to hold onto.
The digital assets’ market is painted green on Tuesday. The Asian session has been characterized by bullish advancement for most cryptocurrencies including Bitcoin. IOTA leads the recovery with gains crossing the 5% mark on the day. Other cryptoassets doing relatively well include Bitcoin Cash and Monero.
BTC/USD is dancing at $9,180 after a 0.20% growth on the day. The trend is mainly in the hands of the bulls but low volatility is keeping rapid gains at bay. Over the last two days, Bitcoin has held its position above $9,100 support. However, movements above $9,200 have greatly been limited.
According to the confluence detector tool BTC is moving towards a tough resistance highlighted at $9,219. This zone holds a cluster of indicators including the Bollinger Band 1-hour middle curve, the previous high 15-minutes, the Bollinger Band 15-mins middle curve, the SMA ten 1-hour and the 100 SMA 15-minutes.
Following a breaking above the first key resistance, Bitcoin bulls are likely to have a smooth ride towards $9,500. However, the journey eyeing $10,000 will have to brace for more hurdles at $9,506 as shown by the pivot point one-week resistance two. There will also be a struggle at $9,887 as the price closes in on $10,000.
On the downside, Bitcoin seems to be hanging in the balance with very little support. This means that bulls must work hard to pull the price above the first resistance so as to avert potential losses under $9,000.
Meanwhile, the initial support is seen at $9,124 and is highlighted by the pivot point one-day support two, the Fibonacci 23.6%b one-week, the Bollinger Band 4-hour lower curve and the pivot point one-day support one. The remaining support areas are weak and likely to give in to selling pressure; they include $9,029, $8,933 and $8,838.