Rajarshi Mitra
Independent Analyst
- BTC/USD fell from $8,357.40 to $8,162.80 this Tuesday.
- There are three resistance levels on the upside at $8,185, $8,285 and $8,480.
Despite a bullish start to the day, the overall sentiment of the BTC/USD market definitely remains bearish. The asset faced a massive sell-off this Tuesday wherein the price dropped from $8,357.40 to $8,162.80. While it has since recovered to $8,173.45, the daily confluence detector shows that the bears are still in the driver seat. Since there are no visible support levels, a further drop in price can be expected. On the upside, the confluence detector has three resistance levels at $8,185, $8,285 and $8,480.
BTC/USD daily confluence detector
$8,185 has the one-hour previous high, 15-min previous high, 15-min Bollinger Band upper curve, four-hour previous high, one-week Fibonacci 61.8% retracement level and the 10-day Simple Moving Average (SMA 10) curve. $8,285 sees a confluence of the SMA 5, SMA 10 and SMA 200 curves while $8,480 has the one-month Fibonacci 23.6% retracement level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?