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Bitcoin price prediction: Market faces strong resistance at $10,825 - Confluence Detector

  • BTC/USD went up from $10,660 to $10,700 in the early hours of Friday.
  • Confluence detector shows a lack of healthy support levels.
Bitcoin price prediction: Market faces strong resistance at $10,825 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had an extremely bullish Thursday, wherein the price spiked from $9,700 to $10,670. This Friday, the price has gone up further to $10,700, facing strong resistance at $10,825. Worryingly, the daily confluence detector shows a lack of healthy support levels on the downside.

BTC/USD daily confluence detector

The only support level of note is at $10,685, which doesn’t have any confluences. The $10,825 resistance level has the 50-day simple moving average (SMA 50), 1-day previous high, and previous week high.
 

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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