Bitcoin price prediction: BTC/USD bears chopping off chunks of gains – Confluence Detector

  • Bitcoin does not have as many strong support areas as there as resistance zones.
  • Continued downward movements could see Bitcoin retesting $9,913 support.

Bitcoin staged a recovery from the support formed slightly above $9,800 yesterday. The uptrend continued to break barriers to the upside, finally jumping above $11,000. Lack of enough buying power with increasing selling pressure pushed Bitcoin right back. Various key support levels have caved in including $10,800 - $10,600 as well as $10,400.

Trading at $10,462, the confluence detector places the initial resistance at $10,500. Correction above this level will remain largely undeterred until BTC/USD hits the next key hurdle at $10,617 (seller congestion zone). A couple of indicator form this confluence: Previous Low 4-h and the 38.2% Fib retracement level 1-D. Other key resistance zones rest at $10,734, $10,793 and $10,852.

Also Read: Binance South Korea is a possibility: CEO Changpeng Zhao confirms

On the flip side, Bitcoin does not have as many strong support areas (buyer congestion zones) as there as resistance zones (seller congestion areas). The initial weak support is seen at $10,324 highlighted by the 61.8% Fib level –D. The next support target is at $10,141 while the strongest support area is seen at $9,913 and $9,796.

Therefore, it is vital that that bulls keep the price above $10,500 and even push towards $11,000. Otherwise, downward movements could see Bitcoin retesting $9,913 support.

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