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Bitcoin Price Analysis: BTC/USD suffers from lack of healthy support levels, falls below $6,400 – Confluence Detector

  • BTC/USD had gone up from $6,406.50 to $6,423 this Tuesday.
  • BTC/USD has three strong resistance levels at $6,490, $6,510 and $6,530.
Bitcoin Price Analysis: BTC/USD suffers from lack of healthy support levels, falls below $6,400 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD has fallen from $6,423 to $6,305.25 in the early hours of Wednesday. The daily confluence detector shows a lack of healthy support levels, so the price is expected to drop even more. On the upside, strong resistance lies at $6,490, $6,510 and $6,530. $6,490 has the one-day Fibonacci 23.6% and one-week Fibonacci 38.2% retracement levels. $6,510 has the no confluences detected while $6,530 has the one-day Previous high, one-hour Bollinger band upper curve and one-day Pivot Point resistance-one.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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