Bitcoin price prediction: Mauled all the way to $7,300, lethargic recovery in play – Confluence Detector
|- Bitcoin’s major support shifts to $7,086 following the striking decline.
- Recovery will not come easy as the path of least resistance remains to the south.
Bitcoin bulls' mission to stay above $8,000 did not end as expected. A bearish wave left no stone unturned as it put immense pressure on key support areas $7,800 and $7,000. Several analysts had predicted Bitcoin’s drop to $7,400 while others still maintain that the granddaddy of crypto assets is headed for $6,000 before any significant recovery is experienced.
Meanwhile, Bitcoin is trading at $7,4018 after testing $7,300 (new support). The recovery, however, lethargic stepped above $7,500. Lack of enough momentum to sustain the recovery movement has seen BTC adjust to the current market value.
Bitcoin confluence levels
As it stands, the major support has shifted to $7,086.91; a region highlighted by the pivot point one-month support one and the pivot point one-week resistance three. Above the major support, weak support zones exist at $7,241 and 47,318.
On the other hand, movement north will come face to face with the strong resistance at $7,473. The various indicators in the zone include the previous high 15-minutes, previous high one-hour, Bollinger Band 15-mins middle, the Simple Moving Average five one-hour, BB 15-mins lower and the previous high one-hour.
The confluence detector shows clearly that the recovery exercise will not be an easy one. Another major resistance is seen at $8,092. However, beneath is a series of medium-strong resistance areas.
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