Bitcoin Price Prediction: BTC/USD bulls face an uphill task as five strong resistance levels hold the price down - Confluence Detector
- BTC/USD dropped from $9,662 to $9,307.85 this Tuesday.
- There are no healthy support levels on the downside.
BTC/USD daily confluence detector
BTC/USD had a heavily bearish Tuesday as the price dropped drastically from $9,662 to $9,307.85. It has fallen further to $9,300 in the early hours of Wednesday. The daily confluence detector has no healthy support levels on the downside, which are holding the price up. On the upside, there are five strong resistance levels which the bulls will need to overcome. These levels are at $9,325, $9,350, $9,550, $9,580 and $9,700.
$9,325 has the Previous Week low and 4-hour Bollinger Band, while $9,350 has the one-day Bollinger Band, SMA 5, 15-min Previous Low and one-day Fibonacci 23.6% retracement level. $9,550 has the one-week Fibonacci 23.6% retracement level and SMA 200. The strongest resistance level is at $9,580, which has the Previous Month high and one-day Pivot Point resistance-one. Finally, $9,700 has the one-week Fibonacci 38.2% retracement level, one-hour Bollinger Band, four-hour Bollinger Band and SMA 100.
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.
