Bitcoin price prediction: BTC/USD bulls will struggle to re-enter $10,200 zone
- BTC/USD is currently priced at $10,130 following a bearish start to Wednesday.
- The daily confluence detector shows two healthy resistance levels on the path back to $10,200.
Following a bearish Tuesday, where the price of BTC/USD fell from $10,380 to $10,175, it has fallen further to $10,130 in the early hours of Wednesday. The daily confluence detector shows two healthy resistance levels on the upside, which will curb bullish momentum and keep the price below $10,200. The hourly breakdown shows that the price fell to $10,023 this Tuesday, but he bulls stepped in to make sure that the price stayed above $10,000.
BTC/USD daily confluence detector
$10,195 and $10,220 has two healthy resistance levels. $10,195 has the 4-hour Bollinger band middle curve and the $10,220 has the 1-week Fibonacci 61.8% retracement level and the 1-hour Bollinger band upper curve.
On the downside, there are three healthy support levels at $10,110, $10,060 and $10,025. $10,110 has the 4-hour previous low and the 1-day Fibonacci 23.6% retracement level. $10,060 sees the confluence of the 1-month Fibonacci 23.6% retracement level, while $10,025 has the 100-day simple moving average (SMA 100) curve and the 1-day previous low.
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.
