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Bitcoin Price Analysis: BTC/USD has a bearish start but price cleared for takeoff – Confluence Detector

  • BTC/USD faces no strong resistance levels on the upside.
  • Healthy support for the price lies at $8,700
Bitcoin Price Analysis: BTC/USD has a bearish start but price cleared for takeoff – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD fell from $9,210.14 to $9,194 in the early hours of Thursday, following a heavily bullish Wednesday wherein it jumped back above the $9,000 zone. Despite the bearish action, the price seems set for a takeoff. There is a lack of a strong resistance level on the upside, while healthy support lies at $8,700, which has the one-day Previous Low, one-month Fibonacci 23.6% retracement level, one-day Pivot Point support-one and one-week Pivot Point support-one.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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