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Bitcoin price prediction: BTC/USD starts recovery after two bearish days? - Confluence Detector

  • BTC/USD finds strong support at $8,110 and $7,900.
  • The price fell from $8,170.75 to $8,122.85 this Tuesday.
Bitcoin price prediction: BTC/USD starts recovery after two bearish days? - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

After a second straight bearish day wherein the price of BTC/USD dropped from $8,170.75 to $8,122.85, the bulls have started the recovery process in the early hours of Wednesday. Currently, BTC/USD is trading for $8,129.30. The confluence detector shows that there are three resistance levels on the upside at $8,150, $8,190 and $8,375. On the downside, support lies at $8,110 and $7,900.

BTC/USD daily confluence detector

fxsoriginal

$8,150 has the 4-hour previous high, 15-min Bollinger Band upper curve and one-day Bollinger Band lower curve, while $8,190 has the one-hour Bollinger Band upper curve. Finally, $8,375 has the 100-day Simple Moving Average (SMA 100) and previous week low.

Looking at the support levels, $8,190 has the SMA 5, SMA 10, 15-min Bollinger Band and one-hour Bollinger Band middle curve. $7,900 has the one-week Pivot Point support two.
 

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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