Rajarshi Mitra
Independent Analyst
- BTC/USD went down from $10,770 to $10,690 in the early hours of Wednesday.
- Price has a healthy support level at $10,670.
The bears have continued their stranglehold this Wednesday following a bearish Tuesday. This Tuesday, the price fell from $10,920 to $10,750 and now it has fallen further to $10,690. The daily confluence detector shows that if the bulls take over, they will need to overcome two healthy resistance levels at $10,770 and $10,800. There is a visibly strong level at $10,670 which will provide the bulls with some much-needed support.
BTC/USD daily confluence detector
The $10,770 resistance has the 5-day simple moving average (SMA 5), SMA 10 and 15-min Bollinger band middle curve, while the $10,800 resistance has SMA 50 curve. On the downside, the $10,670 support sees the confluence of the 4-hour previous low, 15-min Bollinger band lower curve, 1-month Fibonacci 38.2% retracement level, 1-day Fibonacci 23.6% retracement level and 15-min previous low.
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