Bitcoin price prediction: Can the bulls sustain their momentum and carry BTC/USD back into the $10,500-zone?
- BTC/USD is currently trading for $10,400 following three straight bullish days.
- The daily confluence detector shows only one healthy resistance level at $10,675.
BTC/USD is on track for having a fourth bullish day in a row. This Thursday, the bulls took the price up from $10,091.60 to $10,410. Currently, the price has dipped a tiny bit and is trading for $10,400. The daily confluence detector shows the presence of one healthy resistance level at $10,675. This indicates that if the bulls can sustain their momentum, the price will re-enter the $10,500 zone.
BTC/USD daily confluence detector
The $10,675 resistance level has the 1-month Fibonacci 38.2% retracement level. On the downside, there are four extremely strong support levels at $10,275, $10,115, $10,075 and $10,000. The $10,275 level has 1-day Fibonacci 38.2% retracement level, while the $10,115 level sees the confluence of the 1-day 61.8% Fibonacci retracement level and the 1-day Bollinger band middle curve.
The $10,075 is the most robust support level, which has the 1-month Fibonacci 23.6% retracement level and the 10-day simple moving average (SMA 10) curve. The second strongest support level is at $10,000, which has the 1-week Fibonacci 38.2% retracement level and the 1-day pivot point support 1.
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.
