Bitcoin price prediction: BTC/USD held back by three massive resistance levels, struggles to stay above $8,100
- The resistance levels are stopping the bulls from the taking BTC/USD back into the $8,250 zone.
- There are two healthy support levels on the downside.
BTC/USD is on course of having three bearish days in a row. So far today, the price of the asset has gone down from $8,160 to $8,119.40. The daily confluence detector shows us that there are three massive resistance levels on the upside, which are preventing the bulls from getting back into the $8,250-zone. On the downside, there are two healthy support levels at $8,030 and $7,920 that are keeping BTC/USD above $8,000.
BTC/USD daily confluence detector
The three resistance levels are at $8,145, $8,185 and $8,250. $8,145 has the five-day Simple Moving Average (SMA 5) curve and the 15-min previous low. $8,185 has the SMA 5, SMA 10, SMA 50 and SMA 200 curves, while $8,250 has the SMA 10, four-hour previous high and four-hour Bollinger Band middle curve.
Moving on to the support levels, $8,030 has the one-day previous low and one-week Fibonacci 38.2% retracement level. $7,920 has the one-week Fibonacci 23.6% retracement level and one-day pivot point support two.
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.
