Bitcoin Price Prediction: Following a tremendous bullish rally, BTC/USD fights to stay above the $7,300 level - Confluence Detector
- The bulls will need to overcome strong resistance at $7,415 to continue upward movement.
- On the downside, a healthy stack of support lies between $7,265-$7,285.
BTC/USD daily confluence detector
Following a dismal Thursday, wherein BTC/USD dropped below $7,000, the bulls came roaring back this Friday. The price of the asset spiked from $6,947.70 to $7,341.65. Currently, BTC/USD has dropped to $7,302 in the early hours of Saturday as the price has begun consolidating above the $7,300-level.
The daily confluence detector has one strong resistance on the upside at $7,415. This level has the 50-day Simple Moving Average (SMA 50), four-hour Bollinger Band and one-day Previous High. On the downside, there is a support stack from $7,265-$7,285 and healthy levels at $7,240 and $7,135. The $7,265-$7,285 stack has the one-week Fibonacci 38.2%, one-day Fibonacci 23.6%, one-month Fibonacci 61.8% retracement levels and the 15-min Bollinger Band lower curve. $7,240 has the SMA 50, SMA 100 and SMA 200 curves, while $7,135 has no confluences detected.
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.
