Rajarshi Mitra
Independent Analyst
- BTC/USD has had a bearish start to Wednesday and is priced at $10,490.
- Price has three healthy support levels on the downside, as per the daily confluence detector.
Bitcoin has had a bearish start to Wednesday, following five straight bullish days. BTC/USD is currently priced at $10,600 as the bulls aim for a return back to the $11,000-zone. The hourly breakdown for BTC/USD makes for an exciting read. The price first fell to $10,305, where it found support and flew up to $10,715. The bears eventually checked the price of $10,490. The daily confluence detector shows three support levels on the downside. On the upside, there lies one healthy resistance level at $10,685 on the path back to the $11,000-level.
BTC/USD daily confluence detector
The $10,685 resistance level has the 10-day simple moving average (SMA 10) curve, 15-min Bollinger band middle curve, 1-day Fibonacci 23.6% retracement level and previous week high. The $10,585 level has the SMA 5 and SMA 200 curves
On the downside, there are two support levels at $10,500 and $10,440. $10,500 has the 1-month Fibonacci 38.2% retracement level and the $10,440-level has no confluences detected.
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