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Bitcoin price prediction: All eyes on the $8,530 support line as BTC/USD sinks - Confluence Detector

  • BTC/USD dropped from $8,764.45 to $8,631.70 this Thursday.
  • Strong resistance level lies at $8,890.
Bitcoin price prediction: All eyes on the $8,530 support line as BTC/USD sinks - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD is on course for charting three bearish days in a row. The sellers dropped the price of BTC/USD from $8,764.45 to $8,631.70 this Thursday. So far this Friday, BTC/USD has fallen further to $8,601.15. The daily confluence detector shows us that there is a healthy support level at $8,530, which is holding the price up above the $8,500 level. On the upside, strong resistance lies at $8,890.

BTC/USD daily confluence detector

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$8,890 resistance level has the one-week Fibonacci 23.6% retracement level and the one-day Pivot Point resistance two. On the downside, the $8,530 support level has the 50-day Simple Moving Average (SMA 50) and one-month Fibonacci 61.8% retracement level.
 

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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