BTC/USD bulls will struggle to re-enter $10,200 zone

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  • BTC/USD is currently priced at $10,130 following a bearish start to Wednesday.
  • The daily confluence detector shows two healthy resistance levels on the path back to $10,200.

Following a bearish Tuesday, where the price of BTC/USD fell from $10,380 to $10,175, it has fallen further to $10,130 in the early hours of Wednesday. The daily confluence detector shows two healthy resistance levels on the upside, which will curb bullish momentum and keep the price below $10,200. The hourly breakdown shows that the price fell to $10,023 this Tuesday, but he bulls stepped in to make sure that the price stayed above $10,000.

BTC/USD daily confluence detector

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$10,195 and $10,220 has two healthy resistance levels. $10,195 has the 4-hour Bollinger band middle curve and the $10,220 has the 1-week Fibonacci 61.8% retracement level and the 1-hour Bollinger band upper curve. 

On the downside, there are three healthy support levels at $10,110, $10,060 and $10,025. $10,110 has the 4-hour previous low and the 1-day Fibonacci 23.6% retracement level. $10,060 sees the confluence of the 1-month Fibonacci 23.6% retracement level, while $10,025 has the 100-day simple moving average (SMA 100) curve and the 1-day previous low.

 

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