Bitcoin price prediction: BTC/USD $7,000-level crumbles as price sinks - Confluence Detector
- The price is capped by strong resistance levels on the upside.
- On the downside, healthy support is at $6,750.
BTC/USD daily confluence detector
BTC/USD has had a heavily bearish Monday, wherein its price fell from $7,114.35 to $6,887. The path back into the $7,000-zone is hindered by several strong resistance levels.
The resistance levels lie at $6,900, $6,945, $7,010, $7,090 and $7,100. $6,900 has the 15-min Bollinger Band upper curve, daily Fibonacci 23.6% retracement level and four-hour Bollinger Band lower curve. $6,945 has the daily Bollinger Band lower curve and daily Fibonacci 38.2% retracement level. $7,010 has the five-day Simple Moving Average (SMA 5), while $7,090 has the Previous Week low. Lastly, $7,100 has the SMA 5 and the four-hour Bollinger Band middle curve.
The $6,750 support level has the one-week Pivot Point support-two.
Author
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.
