Bitcoin Price Prediction: Strong resistance stack prevent BTC/USD from breaking past $8,600 - Confluence Detector
|- BTC/USD fell from $8,725 to $8,665 this Wednesday.
- One strong support level lies at $8,475.
BTC/USD daily confluence detector
BTC/USD fell from $8,665 to $8,584 so far this Thursday. The bears are in control of the market for the second straight day, as they were able to drop the price of the asset from $8,725 to $8,665 this Wednesday. The daily confluence detector shows that there is a strong resistance stack from $8,600-$8625, preventing the price from going up. There is another strong resistance at $8,675.
The $8,600-$8625 stack has the 15-min and one-hour Previous Lows, one-week Fibonacci 38.2% retracement level, one-month Fibonacci 161.8% retracement level and one-hour Bollinger Band lower curve. The $8,675 level has the SMA 5. SMA 10, SMA 50, SMA 200 and one-hour Bollinger Band.
On the downside, healthy support lies at $8,475, which has the one-month Pivot Point resistance-two.
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