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Bitcoin price prediction: BTC/USD capped by resistance levels at $8,900 and $9,025 - Confluence Detector

  • BTC/USD had a heavily bearish Monday, where the price dropped from $9,035.30 to $8,721.25.
  • The confluence detector shows one strong support level on the downside at $8,525.
Bitcoin price prediction: BTC/USD capped by resistance levels at $8,900 and $9,025 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bullish start to Tuesday and is currently priced at $8,738.65. This follows an extremely bearish Monday wherein the price dropped from $9,035.30 to $8,721.25. The daily confluence detector currently shows two healthy resistance levels at $8,900 and $9,025. On the downside, there is a support level at $8,525.

BTC/USD daily confluence detector

fxsoriginal

$8,900 has the one-day Fibonacci 61.8% retracement level and one-week Fibonacci 23.6% retracement level, while $9,025 has the 4-hour Bollinger band upper curve and one-week Fibonacci 38.2% retracement level. 

On the downside, the $8,525 support level has the one-month Fibonacci 61.8% retracement level and one-day Pivot Point support one.
 

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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