Bitcoin price prediction: BTC/USD has strong support at $10,050 as bears take over the market
- BTC/USD is currently priced at $10,145 in the early hours of Thursday.
- Healthy resistance levels lie at $10,425 and $10,485.
BTC/USD went up from $10,095 to $10,162.15 this Wednesday, following a late rally by the bulls. So fat, the asset price has gone down to $10,145 in the early hours of Thursday. The daily confluence detector shows two healthy resistance level on the upside, which is likely to hamper the bulls if they do manage to take the price back into the $10,500 zone. On the downside, there is only one support level of any significance at $10,050.
BTC/USD daily confluence detector
The two resistance levels of note lie at $10,425 and $10,485. $10,425 has the 50-day simple moving average (SMA 50) and SMA 200 curves. $10,485 has the 1-month Fibonacci 38.2% retracement level. On the downside, the $10,050 support level has the 1-month 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.
