Bitcoin Price Prediction: Strong resistance levels are hampering the bulls - Confluence Detector
- BTC/USD bulls eked out an advantage this Thursday following three straight bearish days.
- There is a lack of healthy support on the downside.
BTC/USD is hovering around the $7,200-level as the bulls remained in control of the market in the early hours of Friday. The daily confluence detector shows that there is strong resistance on the upside at the $7,215-level and the $7,250-$7,270 stack. On the downside, there are healthy support levels, so we can expect the price of BTC/USD to drop today.
BTC/USD daily confluence detector
$7,215 has the 10-day Simple Moving Average (SMA 10), SMA 200, one-hour Previous High and one-day Bollinger Band middle curve. The $7,250-$7,270 stack has the four-hour Bollinger Band middle curve, SMA 10, SMA 50, SMA 200, one-day Fibonacci 61.8% retracement level, 15-min Bollinger Band upper curve and one-month Fibonacci 23.6% retracement level.
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.
