Bitcoin price prediction: Confluence detector shows that bulls need to overcome resistance stack to re-enter $9,500
- As per the confluence detector, there is healthy support at $9,280.
- BTC/USD keeps trending horizontally in a narrow $400 range.
BTC/USD bears have taken control of the market following a bullish Wednesday. BTC/USD has gone down from $9,344.40 to $9,327.25 so far this Thursday. The daily confluence detector shows us a heavy resistance stack going from $9,340 to $9,370. If the bulls can overcome that stack, then they will be able to re-enter the $9,500 zone. On the downside, there is a support level at $9,280.
BTC/USD daily confluence detector
The $9,344.40 to $9,327.25 stack has the one-hour Bollinger band middle curve, five-day Simple Moving Average (SMA 5), SMA 10, SMA 50, SMA 100, SMA 200, one-hour previous high, 15-min previous low, one-day Fibonacci 61.8% retracement level, one-week Fibonacci 61.8% retracement level and 15-min Bollinger band middle curve.
The $9,280 support level has the one-day previous low and one-month Fibonacci 38.2% 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.
