Bitcoin Price Prediction: Bears in full control of the market, lack of healthy support may see price drop even more - Confluence Detector


  • BTC/USD fell from $8,660 to $8,386.60 this Thursday.
  • Strong stack of resistance lies between $8,600-$8,625.

BTC/USD daily confluence detector

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The bears are in control of the BTC/USD market for the third straight day. This Thursday, the price plummeted from $8,660 to $8,386.60. So far this Friday, the price has fallen further to $8,368.40. The daily confluence detector shows a lack of healthy support, so the price may drop even more. On the upside, there is a stack of resistance between $8,600-$8,625. This stack has the SMA 5, SMA 100, one-week Fibonacci 38.2% retracement level, one-month Fibonacci 161.8% retracement level and one-day Pivot Point resistance-one.
 

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