Bitcoin’s lack of healthy support could lead to further drop in price - Confluence Detector
|- The price of BTC/USD fell from $8,077.50 to $7,955 this Friday.
- The daily confluence detector shows two healthy resistance levels at $8,125 and $8,130.
Bitcoin is on course of charting two straight bearish days. This Thursday, the price of BTC/USD fell from $8,077.50 to $7,955 and it has fallen further to $7,943. The hourly breakdown shows us that the price dropped from $8,074 to $7,906.20 in just one hour. Apart from that one noticeable drop, the price has pretty much been trending horizontally. The daily confluence detector shows a lack of noticeable support levels on the downside. On the upside, there are two healthy resistance levels at $8,125 and $8,130.
BTC/USD daily confluence detector
$8,125 has the one-day Pivot Point resistance one, five-day Simple Moving Average (SMA 5) and one-day previous high. $8,130 has the one-day Bollinger Band middle curve, one-week Fibonacci 61.8% retracement level, SMA 50 and SMA 200.
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