Bitcoin Price Prediction: Daily confluence detector shows a lack of strong resistance till $11,500

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  • BTC/USD broke past the $10,000 psychological levels this Monday.
  • The daily confluence detector shows a lack of strong resistance levels until $11,500.
  • Two healthy support levels lie at $9,650 and $9,275

BTC/USD daily confluence detector

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BTC/USD fell from $10,206.75 to $10,170 as the bears took control following a heavily bullish Monday. As per the daily confluence detector, if the bulls take back control, we may see another wildly volatile day as there is a lack of strong resistance on the upside till $11,500.

On the downside, healthy support levels lie at $9,650 and $9,275. The former has the 4-hour SMA 10, one-hour SMA 50, 15-min SMA 100, 15-min SMA 200, one-day Pivot Point support-one, and one-month Fibonacci 23.6% retracement level. The $9,275 level has the one-week Fibonacci 38.2% retracement level, 4-hour Bollinger Band lower curve and 4-hour SMA 200.

Author: Rajarshi Mitra

Read more at: https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-prediction-daily-confluence-detector-shows-a-lack-of-strong-resistance-till-11-500-202006020035

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