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Bitcoin technical analysis: BTC/USD sits below a huge stack of resistance – Confluence Detector

  • BTC/USD went up from $7,203.15 to $7,369 this Wednesday.
  • Daily confluence detector shows a lack of healthy support levels on the downside.
Bitcoin technical analysis: BTC/USD sits below a huge stack of resistance – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD had a bearish start to this Thursday as the price fell from $7,369 to $7,310. The daily confluence detector shows that there is a lack of healthy support levels to hold the price up. On the other hand, the price is sitting directly below a strong stack of resistance from $7,350-$7,415. This stack has the 15-min Bollinger Band middle curve, 15-min Bollinger Band lower curve, one-hour Bollinger Band middle curve, one-day Fibonacci 23.6% and 38.2% retracement levels, one-week Pivot Point resistance-one, 15-min and one-hour Previous Highs, 15-min SMA 5, one-hour SMA 5, 4-hour SMA 5,  one-hour SMA 10, 4-hour SMA 10, 15-min SMA 50 and 15-min SMA 200.

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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