Bitcoin price prediction: BTC/USD journey back into the $8,500-zone hampered by multiple resistance levels – Confluence Detector

October 12, 2019 Off By admin-445
  • The daily confluence detector shows two healthy resistance levels on the upside.
  • On the downside, there is one support level of note at $8,235.

BTC/USD has gone up from $8,267.85 to $8,290.60 so far today. Like the rest of the crypto market, BTC/USD suffered a heavily bearish Friday, as well. The price of the asset fell from $8,588 to $8,267.85 amidst high selling pressure after it reached an intra-day high of $8,838.15. The daily confluence detector shows us that there are several resistance levels on the upside, hampering further growth.

BTC/USD daily confluence detector

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The two resistance levels of note are at $8,380 and $8,485. $8,380 has the four-hour previous high, one-hour Bollinger band middle curve, 15-min Bollinger band upper curve, five-day Simple Moving Average (SMA 5) and SMA 100. $8,485 has the one-month Fibonacci 23.6% retracement level.

On the downside, there is only one support level of note at $8,235. It sees a confluence of the SMA 50, SMA 200, one-hour previous low, four-hour previous low and one-day previous low.
 

Source: www.forexcrunch.com