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Bitcoin Price Prediction: Healthy support at $5,070 keeps BTC/USD above $5,000 - Confluence Detector

  • The confluence detector shows a lack of strong resistance levels on the upside.
  • BTC/USD fell from $5,346.10 to $5,035.20 this Monday.
Bitcoin Price Prediction: Healthy support at $5,070 keeps BTC/USD above $5,000 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bulls picked up the pace this Tuesday as the price went up from $5,035.20 to $5,225.67. This followed a bearish Monday wherein it fell from $5,346.10 to $5,035.20. The daily confluence detector shows a lack of strong resistance levels on the upside, so you can expect the price to go up even more. On the downside, there is a healthy support level at $5,070, which is keeping the price above the $5,000-level. The $5,070 level has the one-week 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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