Bitcoin price prediction: BTC/USD faces stacks of resistance upfront - Confluence Detector
- BTC/USD went down from $10,620 to $10,285 this Monday.
- BTC/USD lacks healthy support levels until $10,085.
BTC/USD has had a bearish Monday wherein its price fell from $10,620 to $10,285. This was its second bearish day in a row, following Sunday where its price fell from $10,780 to $10,560. The daily confluence detector shows a stack of resistance levels upfront, include four healthy levels at $10,345, $10,400, $10,450 and $10,575. On the downside, there are three healthy support levels at $10,085, $10,025 and $9,900.
BTC/USD daily confluence detector
The $10,345-level has the 1-day previous low and 1-day pivot point support, while the $10,400-level has no confluences detected. The $10,450-level has the 5-day simple moving average (SMA 5) and daily 23.6% Fibonacci retracement level. Finally, the $10,575-level has the weekly 61.8% Fibonacci retracement level.
The price has no healthy support levels till $10,085, which sees the confluence of 1-day pivot point support 2 and 4-hour previous low. The $10,025-level has the weekly Fibonacci 38.2% retracement level. The most substantial support level is at $9,900 and it has the monthly 61.8% Fibonacci 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.
