Bitcoin price prediction: Can the bulls bring the price back inside the $10,000-level?
- BTC/USD is currently priced at $9,735.
- The confluence detector shows massive resistance stack between $9,785-$9,790.
BTC/USD has had a bullish start to the day as the price has gone up from $9,690 to $9,735. This follows a heavily bearish Monday wherein the price of BTC/USD dropped from $10,028.70 to $9,690.20. As per the daily confluence detector, the bulls face a massive stack of resistance between $9,785-$9,790. If they can overcome that, BTC/USD will definitely re-enter the $10,000-zone.
BTC/USD daily confluence detector
The $9,785-$9,790 resistance stack has the one-week Fibonacci 23.6% retracement level and one-day Fibonacci 38.2% retracement level.
On the downside, there are two prominent support levels at $9,730 and $9,615. $9,730 has the one-week pivot point support 1, while $9,615 has the four-hour previous low and one-day previous low.
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.
