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Bitcoin Price Prediction: BTC/USD bulls aim for $7,500 - Confluence Detector

  • BTC/USD is currently trading at $7,340.
  • BTC/USD faces strong resistance levels at $7,440 and $7,500.
Bitcoin Price Prediction: BTC/USD bulls aim for $7,500 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD is currently trading for $7,340 as markets opened this Saturday. The bulls are aiming for the $7,500-level but face substantial resistance levels at $7,440 and $7,500. The daily confluence detector will help us see the confluence at each of those levels.

BTC/USD Daily Confluence Detector

Resistance levels lie at $7,500, $7440, and $7,410. The confluences at those levels are:

  • $7,500: SMA 10 and 1-month pivot point resistance 3.
  • $7,440: No confluences detected.
  • $7,410: Daily 61.8% Fibonacci retracement level.

The support levels are at $7,280, $7,235, $7,200, and $7,075. The confluences at those levels are:

  • $7,280: 15-min previous low and SMA 5.
  • $7,235: Weekly 61.8% Fibonacci retracement level.
  • $7,200: SMA 10
  • $7,075: Daily 38.2% Fibonacci retracement level and 4-hour previous low.
     

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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