Bitcoin Price Prediction: BTC/USD sits around $8,450, as strong resistance holds the price down - Confluence Detector
- One healthy support level lies at $8,215.
- There is a robust resistance stack between $8,615-$8,635.
BTC/USD daily confluence detector
BTC/USD had a bullish day following two straight bearish days. This Friday, the price of BTC/USD went up from $8,382.50 to $8,448.80. The daily confluence detector shows that a strong resistance level at $8,475 is holding the price down. The $8,475-level has the SMA 10, SMA 100, on-hour Previous Low and one-month Pivot Point resistance-two. Above this, there is a robust stack of resistances between $8,615-$8,635. This stack has the SMA 5, one-day Pivot Point resistance-one and the one-week Fibonacci 38.2% retracement level. On the downside, there is one healthy support level at $8,215, which has the one-day Pivot Point support-one and one-week Pivot Point support-one.
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.
