Bitcoin price prediction: BTC/USD bulls face strong lines of resistance - Confluence Detector
|- BTC/USD has had a bearish start to the day and done down to $10,161.
- Daily Confluence Detector shows that BTC/USD has one strong support line at $10,050.
BTC/USD has had a bearish start to Saturday, following a bearish Friday. Since yesterday, the price of the asset has gone down from $10,271.70 to $10,161. The hourly breakdown shows us that the price had dropped to $10,087, where it found support and jumped up to $10,170. Since then, the bears have corrected the price to $10,161.
BTC/USD daily chart
The daily confluence detector shows three resistance levels at $10,225, $10,445 and $10,500. $10,225 has the 5-day Simple Moving Average (SMA 5), SMA 50 and 1-day Fibonacci 61.8% retracement level. $10,445 has the 1-day Pivot Point resistance 2, while $10,500 has the 1-week Pivot Point resistance 1 and SMA 50.
The $10,050 support line has the 1-day Previous Low and 1-day Pivot Point support 1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.