Bitcoin Technical Analysis: Price movement restricted as BTC/USD sandwiched between strong resistance and support levels – Confluence Detector
- BTC/USD flew up from $6,622.75 to $7,112.85 this Thursday.
- Strong resistance lies at $7,200.
BTC/USD daily confluence detector
The bulls retained control in the early hours of Friday as the price went up from $7,112.85 to $7,119.48. As per the daily confluence detector, strong resistance lies at $7,200, which has the one-hour Previous High, 15-min Bollinger Band upper curve, one-week Fibonacci 38.2% retracement level and one-month Fibonacci 61.8% retracement level. On the downside, healthy support lies at $7,075, which has the 4-hour SMA 5, one-day SMA 50, one-hour Previous Low, one-hour Bollinger Band middle curve and one-day 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.
