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Bitcoin price prediction: Daily confluence detector shows med-strong resistance levels till $10,750

  • BTC/USD has had a bullish start to the day as the price has gone up to $10,365.
  • Price is supported by a strong support level at $10,070.
Bitcoin price prediction: Daily confluence detector shows med-strong resistance levels till $10,750
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD is on the verge of having three bullish days in a row. Unlike the rest of the crypto market, Bitcoin seems to be creeping along in a bullish trajectory, probably buoyed by the news of the Bakkt announcement. The hourly price chart shows that the price fell to $9,885, where it found support and went up to $10,470. That was when it met resistance and then dropped to $10,365.

BTC/USD daily confluence detector

fxsoriginal

The two resistance levels of note are at $10,550 and $10,670. $10,550 has the 4-hour previous high, 200-day simple moving average (SMA 200) and 1-day previous high. $10,670 has the 1-month Fibonacci 38.2% retracement level.

On the downside, there are two support levels at 10,275 and $10,070. $10,275 has the 1-week Fibonacci 38.2% retracement level and 4-hour previous low. The strongest support level is at $10,070, which has the 1-day Fibonacci 61.8% retracement level and 1-month Fibonacci 23.6% retracement level.
 

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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