Bitcoin Price Prediction: BTC/USD has an irrelevant new year as upside potential is capped at $7,250 - Confluence Detector
|- BTC/USD daily confluence detector has healthy resistance at $7,250.
- On the downside, there is a lack of strong support levels.
BTC/USD daily confluence detector
BTC/USD went up slightly from $7,167 to $7,175 as the markets came to a close this Friday. The daily confluence detector shows us that the upside is capped off at the $7,250 mark by a strong resistance level. This $7,250-level has the five-day Simple Moving Average (SMA 5), SMA 100, SMA 200 and one-month Fibonacci 61.8% retracement level. On the downside, there are no healthy support levels detected.
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