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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.

More from Rajarshi Mitra
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