Bitcoin price prediction: BTC/USD bulls face stiff resistance ahead - Confluence detector
|- BTC/USD is priced at $8,695 in the early hours of Wednesday.
- BTC/USD has little to no scope of growth as of right now.
BTC/USD is currently consolidating its price over the last three days. This Tuesday, the bears overcame the bulls and they seem to have a hold over the market in the early hours of Wednesday as well. Since the beginning of Tuesday, the price of Bitcoin fell from $8,775 to $8,695. The daily confluence detector shows us that BTC/USD is facing stiff resistance levels ahead, which are going to hamper any further growth.
BTC/USD daily confluence detector
As per the daily confluence detector, the resistance levels are at $8,750-$8,780, $8,800, $8,835, $8,890, $8,915, $8,940-$8,970. The confluences at those levels are:
- $8,750-$8,780: Daily 61.8% Fibonacci retracement level, 15-min previous high, 1-hour previous high, 4-hour previous high, 50-day simple moving average (SMA 50), SMA 200 and SMA 10.
- $8,800: No confluences detected.
- $8,835: This level has a daily 38.2% Fibonacci retracement level.
- $8,890: This level has a daily 23.6% Fibonacci retracement level.
- $8,915: The second strongest resistance level has the 1-week pivot point resistance 2.
- $8,940-$8,970: 1-day pivot point resistance 1 and 1-day previous high.
The support levels are at $8,645-$8,675, $8,535, $8,500, and $8,470. The confluences at those levels are:
- $8,645-$8,675: 1-day previous low, hourly Bollinger band lower curve, 4-hour previous low and 1-day pivot point support 1.
- $8,535: The $8,535 level has the 1-day pivot point support 2.
- $8,500: This level has the 161.8% daily Fibonacci retracement level.
- $8,470: The second strongest support level has the 1-week pivot point resistance 1.
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