Bitcoin price prediction - Bulls must rally together to re-enter the $13,000 zone - Confluence Detector

• BTC/USD has gone down from $12,850 to $12,715 in the early hours of Thursday.

• Bulls will need to overcome the $12,800 resistance level.

Bitcoin has had a bearish breakout this Thursday as the price has gone down from $12,850 to $12,715. The price fell following the Coinbase outage. The bulls will want to rally together and re-enter the $13,000-zone. However, the confluence detector shows us that there is a healthy resistance level at $12,800.

BTC/USD daily confluence detector

The two resistance levels are at $12,800 and $13,025. The $12,800 has no confluences while the $13,025 has the daily 38.2% Fibonacci retracement level.
 

There is only one support level at $12,500, which has the daily 61.8% Fibonacci retracement level.

Rajarshi Mitra

FXStreet