Bitcoin price prediction: BTC/USD bears face support level at $9,200 as market continues freefall
- BTC/USD is has fallen from $9,495 to $9,380 in the early hours of Friday.
- The daily confluence detector shows three healthy resistance levels on the upside.
BTC/USD is on track of having four bearish days in a row. BTC/USD has fallen from $9,495 to $9,380 in the early hours of Friday. Over the last four days, BTC/USD has fallen from $10,365 to $9,380. As of now, the bears have full control over the market and a return to the $10,000-level seems difficult. The daily confluence detector show three strong resistance levels on the upside and two healthy support levels on the downside.
BTC/USD daily confluence detector
There are three healthy resistance levels at $9,480, $9,775 and $9,815. $9,480 has the 15-min previous high, 10-day simple moving average (SMA 10), SMA 5 and 1-day Fibonacci 38.2% retracement level. $9,775 has the previous week low, while $9,815 has the 1-week pivot point support 1.
On the downside, we have healthy support levels at $9,200 and $9,100. $9,200 has the 1-week pivot point support 2, while $9,100 has the previous month low.
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.
