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Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000

  • BTC/USD is currently trading around $10,545.
  • The two resistance levels are at $10,575 and $10,700.
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.

BTC/USD daily confluence detector

fxsoriginal

The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day 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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