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Bitcoin Price Forecast: BTC signals bullish reversal – Confluence Detector

  • Latest candlestick has been labeled as green 9, which marks the end of the current uptrend. 
  • BTC has three healthy support levels at $10,700, $10,525 and $10,350. 
Bitcoin Price Forecast: BTC signals bullish reversal – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

Bitcoin has been on a steady upward swing over the last nine days. After bouncing up from the $10,170 support line to reach $10,930. The latest candlestick has been labeled as green 9, which marks the end of the current uptrend. 

BTC/USD daily chart

BTC/USD daily chart

Now, the price should begin its downward movement as they aim for the $10,475 support line. To get a better understanding of the downside potential, let’s look at the daily confluence detector.

BTC/USD Confluence Detector

fxsoriginal

BTC has one strong resistance level on the upside at $10,350, which has the one-month Fibonacci 61.8% retracement level and weekly Pivot Point one resistance-three.

On the downside, Bitcoin has three healthy support levels at $10,700, $10,525 and $10,350. $10,700 has the weekly Pivot Point one resistance one, one-day Previous low and monthly Pivot Point support-one. Up next, the $10,525 level has the daily Pivot Point one support-two and Previous Week high.h Finally, the $10,350 support level has the one-week Fibonacci 38.2% retracement level and daily Pivot Point one support-three.
 

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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