Bitcoin Price Prediction: BTC/USD faces stiff resistance in path back to $10,000 – Confluence Detector
- BTC/USD has a strong resistance level at $9,700.
- Three healthy support levels lie at $9,400, $9,300 and $8,900.
BTC/USD daily confluence detector
BTC/USD bears remained in control as the price fell from $9,523.20 to $9,522.40. If the buyers want the price to go back above the $10,000 zone, they will need to overcome stiff resistance at $9,700. This level has the Previous Week high, one-day Fibonacci 38.2% retracement level, 4-hour Bollinger Band middle curve, one-day SMA 5, 15-min SMA 50 and one-hour SMA 100.
On the downside, three healthy support levels exist at $9,400, $9,300 and $8,900. $9,400 has the one-day Bollinger Band middle curve, one-week Fibonacci 23.6% retracement level, 4-hour SMA 50, 4-hour SMA 100 and one-hour SMA 200. $9,300 has the 4-hour SMA 200 and one-week Fibonacci 38.2% retracement level, while $8,900 has the one-week Pivot Point support-one and one-month 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.
