Bitcoin price prediction: BTC/USD bulls face no strong resistance on path back to $10,500
- BTC/USD went up from $9,860 to $10,160 in the early hours of Saturday.
- The price has healthy support levels on the downside.
BTC/USD has had a bullish start to Saturday as the price went up by $9,850 to $10,160. In fact, the price went up from $9,850 to $10,161 in just 15 mins, and since then it has been consolidating. The daily confluence detector shows a lack of any stable resistance levels, while there are some healthy support levels on the downside.
BTC/USD daily confluence detector
The support levels are at $10,060, $9,900 and $9,800-$9,835. The $10,060 support level has the 5-day simple moving average, 1-day pivot point resistance 2 and 1-day Fibonacci 161.8% retracement level. $9,900 is the strongest support level and it has the 1-month Fibonacci 61.8% retracement level, 1-day previous high, SMA 50 and SMA 200. Finally, there is a stack of support levels between $9,800-$9,835, which has the SMA 5, SMA 10, 1-week Fibonacci 23.6% retracement level, 1-hour Bollinger band middle curve and 1-day Fibonacci 61.8% 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.
