New week on the horizon: what’s on?

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. 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.  Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .