Bitcoin price prediction: BTC/USD bulls can gather enough momentum to re-enter $10,500-zone
- BTC/USD went up from $10,110 to $10,405 over this Friday.
- BTC/USD has three healthy support levels on the downside.
Bitcoin managed to have a bearish start to Saturday, following a bullish Friday. This Friday, the price of BTC/USD went up from $10,110 to $10,405 and has now gone down to $10,398. The daily confluence detector shows that there aren’t any healthy resistance levels on the path back to the $10,500-zone. On the downside, BTC/USD has three healthy support levels holding the price up.
BTC/USD daily confluence detector
The daily confluence detector shows healthy resistance levels at $10,675-$10,700 and $10,800. The stack from $10,675-$10,700 has the 1-week Fibonacci 23.6% retracement level, 4-hour Bollinger band upper curve and 1-month Fibonacci 38.2% retracement level. The $10,800 resistance level has the 100-day simple moving average (SMA 100) curve.
On the downside, there are three healthy support levels at $10,340, $10,225 and $10,075. The $10,340 has the 1-day Fibonacci 38.2% retracement level, 4-hour previous low and 5-day simple moving average (SMA 5) curve. The $10,225 level has the 1-day Fibonacci 61.8% retracement level, 4-hour Bollinger band middle curve and the 10-day simple moving average (SMA 10) curve. Finally, the strongest support level lies at $10,075 and it has the 1-month Fibonacci 23.6% retracement level and the 1-hour Bollinger band lower curve.
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.
