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Bitcoin price prediction: BTC/USD lacks strong support until $7,650 - Confluence detector

  • BTC/USD opened the day at $7,770 this Thursday.
  • BTC/USD immediately faces resistance at $7,775, making upward growth difficult.
Bitcoin price prediction: BTC/USD lacks strong support until $7,650 - Confluence detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD managed to have a bullish Wednesday, wherein its price went up from $7,670 to $$7,756, achieving a low of $7,568 and a high of $7,925. As the markets opened this Thursday, BTC/USD is trading for $7,770. Let’s look at the daily confluence detector and see how much growth (or drop) potential does BTC/USD currently have.

BTC/USD daily confluence detector

There are two prominent resistance levels are at $7,775 and $7,940. The confluences detected at those levels are as follows:

$7,775: 5-day simple moving average (SMA 5) curve, SMA 100, hourly Bollinger band middle curve, 15-min Bollinger band middle curve, 1-hour previous low and SMA 10.
$7,940: 4-hour previous high, 1-day previous high and 1-week pivot point support 1.

The only support level of note lies at $7,645. The confluence detected at that level is the monthly 38.2% Fibonacci retracement level. 
 

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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