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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.

More from Rajarshi Mitra
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