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Bitcoin Price Prediction: BTC/USD faces resistance at $8,780 - Confluence Detector

  • BTC/USD went up from $8,624 to $8,724 this Tuesday.
  • Healthy support stack lies between $8,600-$8,630.
Bitcoin Price Prediction: BTC/USD faces resistance at $8,780 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

fxsoriginal

BTC/USD continued to go up following a bullish Tuesday, wherein the asset went up from $8,624 to $8,724. Presently, it is priced at $8,630. The daily confluence detector shows that there is a strong resistance level at $8,780, which has the four-hour Previous High, one-day Previous High and SMA 5. On the downside, we have healthy support at $8,650 and $8,600-$8,630. $8,650 has the SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band. The $8,600-$8,630 stack has the one-week 38.2% and one-month 161.8% Fibonacci retracement levels.
 

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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