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Bitcoin price prediction: BTC/USD lacks the support level it needs to keep it inside $10,000 - Confluence Detector

  • BTC/USD is currently priced at $10,030 after it plunged from $10,856 to $10,025 this Wednesday.
  • There are also two healthy resistance levels on the upside, hampering bullish momentum.
Bitcoin price prediction: BTC/USD lacks the support level it needs to keep it inside $10,000 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had a horror show of a day this Wednesday. The price plunged from $10,856 to $10,025. The asset went from $10,590 to $10,120 in just seven hours. Looking at the daily confluence detector, we can see that BTC/USD will struggle to stay in the $10,000-zone this Thursday. There are also two healthy resistance levels on the upside, hampering bullish momentum.

BTC/USD daily confluence detector

fxsoriginal

The two resistance levels are at $10,060 and $10,275. $10,060, the strongest resistance level, has the 15-min previous low and 1-month Fibonacci 23.6% retracement level. $10,275 has the 1-day Fibonacci 38.2% retracement level.

On the downside, there are two support levels at $9,900 and $9,845. $9,900 has the 4-hour previous low and 1-day previous low. $9,845 has the 1-week pivot point support 2.
 

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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