Bitcoin price prediction: BTC/USD sandwiched between strong support and resistance levels - Confluence Detector
- BTC/USD went down from $9,412 to $9,320.75 this Tuesday.
- Bulls must overcome resistance at $9,345 to break into the $9,500-zone.
BTC/USD has had a bearish start to this Wednesday and is trading around $9,316. This follows a bearish Tuesday wherein the price of the asset fell from $9,412 to $9,320.75. The hourly chart for Tuesday shows us that the buyers and sellers have pretty much wrestled with each other for control over the marketplace. The day began with the buyers taking the price up to $9,457.20 before losing their momentum. After that, the sellers took the price down to $9,228.50. After a brief foray back into the $9,400-zone, BTC/USD corrected itself around $9,316.
BTC/USD daily confluence detector
There is a healthy resistance level at $9,345, which has the five-day Simple Moving Average (SMA 5), SMA 10, SMA 50, one-hour previous high, one-week Fibonacci 61.8% retracement level and 15-min Bollinger band middle curve.
On the downside, there are two support levels at $9,285 and $9,000. $9,285 has the one-month Fibonacci 38.2% retracement level and SMA 100, while $9,000 has the previous week low.
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.
