Bitcoin price prediction: BTC/USD flirting around $9,500-level, faces huge resistance upfront - Confluence Detector
BTC/USD is currently priced at $9,485.
Confluence detector shows a lack of healthy support levels.
BTC/USD continued to consolidate in a flag formation. This Monday, the price of the asset fell from $9,550 to $9,450. The daily confluence detector shows that the bulls will face considerable resistance to go past the $9,500 zone. With the lack of any healthy support levels, the bulls will need to stay strong.
BTC/USD daily confluence detector
The stack of resistances lies between $9,515-$9,545. Within that stack, we have a confluence of - 15-min Bollinger band upper curve, 4-hour previous high, 100-day simple moving average (SMA 100) curve, previous week low, SMA 50, hourly Bollinger band middle curve, 15- previous high, 1-hour previous high and SMA 10.
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.
