Bitcoin price prediction: BTC/USD back in the $10,000-zone after drop to $9,500, bulls face resistance at $10,500
- BTC/USD is currently trading for $10,345.
- Confluence detector shows two healthy support levels between $10,055-$10,085.
BTC/USD had a roller coaster of a Thursday. After its price fell below $10,000 for the first time since 31st July, it reached a low of $9,500 when the bulls got spurred into action. The buyers brought BTC/USD back up to $10,385 before it got corrected to $10,345. The daily confluence detector shows us that there are healthy support levels between $10,055-$10,085 and a strong resistance level at $10,470.
BTC/USD daily confluence detector
There are three resistance levels at $10,470, $10,600 and $10,660. The $10,470 resistance level has the 4-hour previous high, 1-day previous high and 1-hour Bollinger band upper curve. The $10,600 resistance level has the previous week low, while the $10,660 level has the 1-month Fibonacci 38.2% retracement level.
On the downside, there is a stack of healthy support levels between $10,055-$10,085. The stack sees a confluence of the 1-day Fibonacci 38.2% retracement level and 1-month Fibonacci 23.6% retracement level.
Author
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.
