Bitcoin Price Prediction: BTC/USD $7,000 support hard-pressed by 2 crucial resistances – Confluence Detector
|- A whale transfers 14,074 BTC from Coincheck as the price makes a comeback above $6,500.
- Bitcoin bulls have no choice but to defend $7,000 support or risk plunging back to $6,500.
Bitcoin is trending higher over 2% on the day. The bullish action is a welcoming picture for a crypto market that has come under heavy selling pressure since Friday last week. The recovery leg has been strong enough to touch $7,400 on the upside — an adjustment from the intraday high of $7,298 culminated in consolidation between $7,000 and $7,300.
In other news, a Bitcoin whale has been reported to have added 14,074 BTC to his holdings. The transfer was carried out from Coincheck. The receiving wallet address is said to be holding a more substantial stash of Bitcoin. In total, the wallet now holds 31,850 BTC worth about $230 million, using the current exchange rate of $7,235.
Bitcoin confluence detector
Bitcoin’s recovery is currency sluggish due to the resistance at $7,290. The numerous indicators meeting here are the Fibonacci 23.6% one-week, previous high 4-hour, previous high 1-hour, Bollinger Band 15-mins upper, and the last high 15-mins.
The surge from the support at $6,500 fell short of $7,400 on Monday. However, the primary resistance is placed at $7,516, as highlighted by the pivot point one-day resistance one, Fibonacci 38.2% one-week, and the Bollinger Band 4-hour upper.
On the other hand, support areas remain to be scarce while the existing ones are fragile. There is initial support at $7,215, characterized by the SMA ten 1-hour, BB 15-mins middle, SMA 50 15-mins, and the previous low 1-hour. If the zone is disintegrated, Bitcoin could spiral to levels around $6,536, which is home to the pivot point one-week support one and the previous low one-day.
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