Bitcoin price prediction: BTC/USD sandwiched between massive resistance and support levels


  • BTC/USD went up from $10,190 to $10,223.45 this Wednesday.
  • The daily confluence detector shows three massive resistance levels on the upside.

Bitcoin managed to have a bullish day after five straight bearish days. So far today, BTC/USD has gone up from $10,190 to $10,223.45. The hourly chart shows us that BTC/USD went up to $10,253, where it met resistance and dropped down to $10,223.45. The daily confluence detector indicates that the price is sandwiched between massive stacks of resistance and support levels.

BTC/USD daily confluence detector

fxsoriginal

On the upside, resistance levels lie at $10,275, $10,300 and $10,430. $10,275 has the five-day Simple Moving Average (SMA 5), SMA 50, SMA 200 and 15-min previous high. $10,300 has the SMA 10 and 1-week Fibonacci 61.8% retracement level. Finally, $10,430 has the four-hour Bollinger band upper curve.

On the downside, the support stack lies between $10,200 - $10,220. It has the SMA 5, SMA 10, SMA 100, SMA 200, one-hour previous low, one-hour Bollinger band middle curve, one -day Bollinger band middle curve, 15-min Bollinger band middle curve and one-day Fibonacci 38.2% retracement level. 
 

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