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Bitcoin price prediction: BTC/USD trapped below $8,700 - Confluence detector

  • BTC/USD is priced at $8,620 in the early hours of Thursday.
  • Strong levels of resistance lie between $8,675-$$8,715.
Bitcoin price prediction: BTC/USD trapped below $8,700 - Confluence detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had a bearish opening this Thursday and is currently priced at $8,620. The daily confluence detector shows us that BTC/USD presently faces minimal scope for growth as strong resistance levels lie between $8,675-$$8,71. The only support level of note lies at $8,460, which makes further price-drop a possibility.

BTC/USD daily confluence detector

The only healthy support level is at $8,460, which sees the confluence of 1-week pivot point resistance 1 and 5-day simple moving average (SMA 5).

The resistance levels are at $8,675, $8,680-$8,715 and $8,915. The confluences at those levels are:

  • $8,675: SMA 100, 4-hour previous low, 15-min previous high, daily 38.2% Fibonacci retracement level and 1-hour previous low.
  • $8,680-$8,715: 15-min Bollinger band middle curve, SMA 10, 4-hour Bollinger band middle curve, SMA 50, SMA 200, and 1-hour previous high.
  • $8,915: The highest resistance level in the confluence detector has the 1-week pivot point resistance 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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