- BTC/USD crossed the $8,500 barrier for the first time since September 25 this Wednesday.
- The daily confluence detector shows the lack of any prominent resistance levels on the path back to $9,000.
BTC/USD had a heavily bullish Wednesday, wherein the price went up from $8,181.60 to $8,595. In the process, the price managed to break past the $8,500-level for the first time since September 25. The hourly breakdown shows us that BTC/USD jumped from $8,15.25 to $8,639.45 in just five hours. After failing to get past the $8,639.45 mark, the price dipped down a bit and trended horizontally, and landed up around $8,565.25, as of press time.
BTC/USD daily confluence detector
The daily confluence detector makes for some very promising reading. There is only one resistance level of note at $8,600, which has the 5-day Simple Moving Average (SMA 5), SMA 200, one-day Bollinger Band middle curve and 15-mine previous low. If the bulls can get past this level, then they should be able to make it to $9,000 with little difficulty.
On the downside, support level lies at $8,480, which has the one-day Fibonacci 38.2% retracement level and one-month Fibonacci 23.6% retracement level.
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