Bitcoin Price Prediction: Strong resistance levels are hampering the bulls - Confluence Detector
|- BTC/USD bulls eked out an advantage this Thursday following three straight bearish days.
- There is a lack of healthy support on the downside.
BTC/USD is hovering around the $7,200-level as the bulls remained in control of the market in the early hours of Friday. The daily confluence detector shows that there is strong resistance on the upside at the $7,215-level and the $7,250-$7,270 stack. On the downside, there are healthy support levels, so we can expect the price of BTC/USD to drop today.
BTC/USD daily confluence detector
$7,215 has the 10-day Simple Moving Average (SMA 10), SMA 200, one-hour Previous High and one-day Bollinger Band middle curve. The $7,250-$7,270 stack has the four-hour Bollinger Band middle curve, SMA 10, SMA 50, SMA 200, one-day Fibonacci 61.8% retracement level, 15-min Bollinger Band upper curve and one-month Fibonacci 23.6% retracement level.
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.