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Bitcoin Price Analysis: BTC/USD lacks strong resistance levels as bulls fight back – Confluence Detector

  • BTC/USD daily confluence detector shows a lack of strong resistance levels.
  • Healthy support for the price lies at $8,700.
Bitcoin Price Analysis: BTC/USD lacks strong resistance levels as bulls fight back – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD had a bullish start to Wednesday as the price went up slightly from $8,842.65 to $8,863.25. As per the daily confluence detector, there is a lack of strong resistance levels on the upside, so further growth can be expected.

On the downside, healthy support lies at $8,700, which has the one-day Previous Low, one-month Fibonacci 23.6% retracement level, one-day and one-week Pivot Points support-one.
 

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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