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Bitcoin price prediction: BTC/USD bulls trying to re-enter the market following three straight bearish days

  • BTC/USD is currently trading for $10,615 as markets opened this Tuesday.
  • BTC/USD bulls face massive resistance at $10,690.
Bitcoin price prediction: BTC/USD bulls trying to re-enter the market following three straight bearish days
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD bulls have taken control of the market in the early hours of Tuesday, as it is currently trading for $10,615. This follows three straight bearish days, during which BTC/USD fell from $12,365 to $10,575. The confluence detector shows that the price needs to go past resistance at $10,690.

BTC/USD confluence detector

The resistance level at $10,690 has the 100-day simple moving average (SMA 100) and SMA 5 curves. 

The support levels are at $10,450 and $10,325. The former sees a confluence of 1-week pivot point support 1, while the latter has the 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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