Bitcoin price prediction: BTC/USD consolidates its position above the $7,500-level
- Strong resistance lies at $7,710, which the bulls will need to overcome.
- On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.
BTC/USD is on the verge of charting a third consecutive bullish day. This Friday, the price of Bitcoin went up from $7,395 to $7,543.25, breaking above the $7,500-level in the process. So far, the price has gone up further to $7,564.15. The bulls will need to overcome resistance at $7,710 to continue the upward momentum. On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.
BTC/USD daily confluence detector
$7,710 resistance level has the one-month Fibonacci 38.2% retracement level.
Looking at the support levels, $7,545 has the five-day Simple Moving Average (SMA 5) and 15-min Bollinger Band middle curve. $7,500 has the SMA 10 and one-day Fibonacci 38.2% retracement level, while $7,360 has the SMA 5 and one-week Fibonacci 38.2% 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.
