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Bitcoin price prediction: BTC/USD faces healthy resistance at $10,675 - Confluence Detector

  • BTC/USD crossed $10,500 and is currently priced at $10,546.50.
  • Daily confluence detector shows a lack of healthy support levels.
Bitcoin price prediction: BTC/USD faces healthy resistance at $10,675 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had four straight bullish days, wherein the price went up from $9,515 to $10,546.50. The hourly breakdown shows that price fell from $10,470 to $10,405 before the bulls stepped back in and took the price up to $10,546.50. The confluence detector shows no healthy support levels on the downside. 

BTC/USD daily confluence detector

fxsoriginal

While there are no healthy support levels on the downside, the only resistance level of note is at $10,675. This level has the 1-day pivot point resistance 1, 200-day simple moving average (SMA 200) curve and 1-month Fibonacci 38.2% retracement level.
 

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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