RATE Group | Can the bulls sustain their momentum and carry BTC/USD back into the $10,500-zone?
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Can the bulls sustain their momentum and carry BTC/USD back into the $10,500-zone?

02 Aug Can the bulls sustain their momentum and carry BTC/USD back into the $10,500-zone?

Posted at 02:54h in Bitcoin News by

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  • BTC/USD is currently trading for $10,400 following three straight bullish days.
  • The daily confluence detector shows only one healthy resistance level at $10,675.

BTC/USD is on track for having a fourth bullish day in a row. This Thursday, the bulls took the price up from $10,091.60 to $10,410. Currently, the price has dipped a tiny bit and is trading for $10,400. The daily confluence detector shows the presence of one healthy resistance level at $10,675. This indicates that if the bulls can sustain their momentum, the price will re-enter the $10,500 zone.

BTC/USD daily confluence detector

fxsoriginal

The $10,675 resistance level has the 1-month Fibonacci 38.2% retracement level. On the downside, there are four extremely strong support levels at $10,275, $10,115, $10,075 and $10,000. The $10,275 level has 1-day Fibonacci 38.2% retracement level, while the $10,115 level sees the confluence of the 1-day 61.8% Fibonacci retracement level and the 1-day Bollinger band…

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