Bitcoin price prediction: Bulls must rally together to re-enter the $13,000 zone - Confluence Detector
- BTC/USD has gone down from $12,850 to $12,715 in the early hours of Thursday.
- Bulls will need to overcome the $12,800 resistance level.
Bitcoin has had a bearish breakout this Thursday as the price has gone down from $12,850 to $12,715. The price fell following the Coinbase outage. The bulls will want to rally together and re-enter the $13,000-zone. However, the confluence detector shows us that there is a healthy resistance level at $12,800.
BTC/USD daily confluence detector
The two resistance levels are at $12,800 and $13,025. The $12,800 has no confluences while the $13,025 has the daily 38.2% Fibonacci retracement level.
There is only one support level at $12,500, which has the daily 61.8% Fibonacci retracement level.
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.
