Bitcoin Price Prediction: After major dip from the $10,000 level, BTC/USD tries to consolidate above $9,600 - Confluence Detector
|- There are three strong resistance levels at $9,715, $9,740 and $9,800.
- On the downside, there is a healthy support level at $9,585.
BTC/USD daily confluence detector
BTC/USD bears retained control of the market as the price dropped from $9,662 to $9,592.80. This follows a heavily bearish Monday, where the price plummetted from $9,971.45, following a brief flirtation with the $10,000-level. The daily confluence detector shows us that there are three strong resistance levels at $9,715, $9,740 and $9,800. $9,715 has the one-day and one-week Fibonacci 38.2% retracement levels, while $9,740 has the SMA 5. The $9,800 has the SMA 10, SMA 50 and SMA 200.
On the downside, there is healthy support at $9,585, which has the 4-hour Previous Low and the Previous Month high.
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