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Bitcoin price prediction: BTC/USD has a lack of strong support levels till $10,750 - Confluence Detector

  • BTC/USD lost over $3,000 this Thursday.
  • The bulls are trying to mount a comeback in the early hours of Friday.
Bitcoin price prediction: BTC/USD has a lack of strong support levels till $10,750 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD plummeted this Thursday as the price went down from a high of $13,345 to a low of $10,275, before settling around $11,145. The market has had a bullish opening this Friday as the price has gone up to $11,325. The daily confluence detector shows us that there are no healthy support levels and there is substantial resistance at $11,475.

BTC/USD daily confluence detector

There are one healthy resistance levels at $11,475, which has 1-month pivot point resistance 2 and daily 38.2% Fibonacci retracement level.

The one support level is at $11,200, which has 1-week pivot point resistance 2 and 50-day simple moving average (SMA 50) curve.
 

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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