Bitcoin Price Prediction: BTC/USD has upside potential with a lack of significant resistance levels - Confluence Detector

BTC/USD went up from $5,200 to $5,240 as markets opened this Wednesday.
There is a lack of any significant resistance levels which shows high upside potential.

Rajarshi Mitra Independent Analyst

BTC/USD went up from $5,200 to $5,240 as markets opened this Wednesday. Before that, BTC/USD had a bullish Tuesday where it went up from $5,030 to $5,200. As per the daily confluence detector, there is a lack of any significant resistance levels which shows high upside potential.

BTC/USD Daily Confluence Detector

Resistance levels lie at $5,270, $5,350, and $5,400. The confluences at those levels are:

$5,270: Weekly 38.2% Fibonacci retracement level.
$5,350: Weekly 23.6% Fibonacci retracement level.
$5,400: Weekly pivot point resistance 1.

The support levels lie at $5,150, $5,135, and $5,100-$5125. The confluences at those levels are:

$5,150: Daily 38.2% Fibonacci retracement level.
$5,135: 5-day simple moving average (SMA 5) and weekly 61.8% Fibonacci retracement level.
$5,100-$5,125: SMA 5, hourly Bollinger band middle curve, SMA 200, SMA 50, daily 61.8% Fibonacci retracement level, 4-hour Bollinger band middle curve, 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.