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Bitcoin price prediction: BTC/USD bulls face strong lines of resistance - Confluence Detector

  • BTC/USD has had a bearish start to the day and done down to $10,161.
  • Daily Confluence Detector shows that BTC/USD has one strong support line at $10,050. 
Bitcoin price prediction: BTC/USD bulls face strong lines of resistance - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bearish start to Saturday, following a bearish Friday. Since yesterday, the price of the asset has gone down from $10,271.70 to $10,161. The hourly breakdown shows us that the price had dropped to $10,087, where it found support and jumped up to $10,170. Since then, the bears have corrected the price to $10,161.

BTC/USD daily chart

fxsoriginal

The daily confluence detector shows three resistance levels at $10,225, $10,445 and $10,500. $10,225 has the 5-day Simple Moving Average (SMA 5), SMA 50 and 1-day Fibonacci 61.8% retracement level. $10,445 has the 1-day Pivot Point resistance 2, while $10,500 has the 1-week Pivot Point resistance 1 and SMA 50.

The $10,050 support line has the 1-day Previous Low and 1-day Pivot Point support 1.
 

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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