Bitcoin price prediction: Complete absence of strong support levels could lead to the price plummeting below $7,000
|- There are three healthy resistance levels on the upside that are pushing the price down.
- Lack of visible support can take the price below $7,000.
The price of BTC/USD has dropped from $7300.95 to $7,170.75 in the early hours of Wednesday. The daily confluence detector shows a lack of any healthy support levels, indicating that the price may drop even further. Resistance levels lie at $7,260, $7,315 and $7,360.
BTC/USD daily confluence detector
$7,260 has the one-month Fibonacci 23.6% retracement level, while $7,315 has the one-hour Previous High, one-hour Bollinger Band middle curve, five-day Simple Moving Average (SMA 5) and SMA 10. Finally, $7,360 has the four-hour Previous High, one-day Fibonacci 61.8% retracement level and the SMA 10.
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