BTC downside capped at $9,700, as per the daily confluence detector. The MACD shows that market momentum reversing from bullish to bearish. BTC has bounced up from the $10,425 and has encountered resistance at the SMA 20 curve and gone down to $10,480. The 20-day Bollinger Band has stopped constricting, which shows that the price volatility is rising, hinting at an imminent breakout. BTC/USD daily chapter The MACD shows that market momentum is on the verge of turning from bullish to bearish. This may sound like a death knell to the bulls for now, as a further price drop is expected. How much is the decline going to be? For that, let’s check the confluence detector. BTC daily confluence detector BTC faces an immediate stack of resistance that’s pushing the price down. This stack goes from $10,500-$10,600, and it has the one-day Bollinger Band middle curve, one-day Previous High, Previous Month low, one-day Fibonacci 38.2% and 23.6% retracement levels and one-week Fibonacci 61.8% retracement level. On the downside, the price can drop to $9,700 before it meets a moderate-to-strong support level. This level has the monthly Pivot Point resistance two and one-week Fibonacci 161.8% retracement level. BTC holder distribution Santiment’s BTC holder distribution chart shows that there has been a sharp increase in the number of users holding 100-1000 coins and 10,000-100,000 coins. This has a favorable long-term implication on the price, even if the present outlook seems bearish. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Cardano Technical Analysis: ADA/BTC poised to resume the bull run FX Street 2 years BTC downside capped at $9,700, as per the daily confluence detector. The MACD shows that market momentum reversing from bullish to bearish. BTC has bounced up from the $10,425 and has encountered resistance at the SMA 20 curve and gone down to $10,480. The 20-day Bollinger Band has stopped constricting, which shows that the price volatility is rising, hinting at an imminent breakout. BTC/USD daily chapter The MACD shows that market momentum is on the verge of turning from bullish to bearish. This may sound like a death knell to the bulls for now, as a further price drop is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.