Bitcoin price prediction: BTC/USD crosses $10,000 but faces heavy resistance levels on path back to $10,500
- BTC/USD went up from $9,773 to $10,390.30 this Monday.
- The daily confluence detector shows three healthy resistance levels on the upside.
Bitcoin had a monumental day this Monday. The bulls rallied together and spiked the price from $9,773 to $10,390.30 this Monday. The price has gone down a bit to $10,354 in the early hours of Tuesday. The hourly breakdown shows that the price flew up to $10,475 before the bears stepped in to check the price down to $10,354. The daily confluence detector shows three healthy resistance levels on the upside on the path back to $10,500.
BTC/USD daily chart
The daily confluence detector shows three resistance levels at $10,435, $10,490 and $10,680. $10,435 has the 50-day simple moving average (SMA 50) curve and the 1-hour previous high, while $10,490 has the 1-month Fibonacci 38.2% retracement level. The strongest resistance level is at $10,680, which has the 1-day pivot point resistance 1 and the previous week high.
On the downside, there are two support levels at $10,225 and $10,050. $10,225 has the 1-day Fibonacci 38.2% retracement level. The strongest support level is at $10,050, which has the 1-month Fibonacci 23.6% retracement level and the 1-day Fibonacci 61.8% 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.
