Bitcoin Price Forecast: BTC/USD continues to drop as bulls face two strong resistance levels upfront – Confluence Detector
|- BTC/USD bears remained in control for the second straight day.
- Price faces two strong resistance levels at $9,765 and $9,650.
- Daily confluence detector shows one healthy support level at $8,860.
BTC/USD daily confluence detector
BTC/USD bears remained in control of the market for the second straight day as the price dropped from $9,617.11 to $9,571.75. The daily confluence detector shows two strong resistance levels at $9,765 and $9,650. On the downside, there is one healthy support level at $8,860.
The $9,765 level has the one-hour Bollinger Band middle curve, 4-hour Previous High, one-day Fibonacci 38.2% retracement level, 4-hour SMA 5, one-day SMA 5, 4-hour SMA 10, one-hour SMA 50, 15-min SMA 100 and one-hour SMA 100. The $9,650 resistance level has the Previous Week high, one-month Fibonacci 23.6% retracement level and one-hour SMA 200.
The $8,860 support level has the one-week Pivot Point support-one and one-month Fibonacci 61.8% retracement level.
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