Bitcoin price prediction: BTC/USD daily confluence detector shows healthy support level at $10,075

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  • BTC/USD has had a bearish start to Thursday following two straight overwhelmingly bearish days.
  • BTC/USD is currently trading for $10,086.

Bitcoin has had an overwhelmingly bearish day wherein its price dropped from $10,771 to $10,135, reaching a low of $9,856. Over the last two days, Bitcoin has canceled out the gains made by the bulls in the five days before that. The daily confluence detector shows that there is a healthy support level at $10,075, which the bulls will need to defend to prevent further drops below $10,000.

BTC/USD daily confluence detector

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There is one prominent resistance level at $10,475. It has the 50-day simple moving average (SMA 50) curve. On the downside, there are two support levels at $10,075 and $9,975. The $10,075 level has the 15-min previous low and 1-month Fibonacci 23.6% retracement level, while the $9,975 level has the 1-week Fibonacci 23.6% retracement level and 1-hour previous low.
 

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