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Bitcoin Price Prediction: BTC/USD has an irrelevant new year as upside potential is capped at $7,250 - Confluence Detector

  • BTC/USD daily confluence detector has healthy resistance at $7,250.
  • On the downside, there is a lack of strong support levels.
Bitcoin Price Prediction: BTC/USD has an irrelevant new year as upside potential is capped at $7,250 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD went up slightly from $7,167 to $7,175 as the markets came to a close this Friday. The daily confluence detector shows us that the upside is capped off at the $7,250 mark by a strong resistance level. This $7,250-level has the five-day Simple Moving Average (SMA 5), SMA 100, SMA 200 and one-month Fibonacci 61.8% retracement level. On the downside, there are no healthy support levels detected.
 

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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