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Bitcoin price prediction: BTC/USD bulls thwarted by $7,250 resistance level - Confluence detector

  • There are no support levels on the downside that’s holding the price up.
  • BTC/USD went from $7,188.20 to $7,253.60 this Friday.
Bitcoin price prediction: BTC/USD bulls thwarted by $7,250 resistance level - Confluence detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had a bearish start to Saturday following a bullish Friday. This Friday, the buyers took control of the market and brought the price up from $7,188.20 to $7,253.60. So far this Saturday, BTC/USD had fallen to $7,244.10. The daily confluence detector shows us that there is a healthy resistance level at $7,250 that keeping the price down. On the downside, there are no support levels that are holding BTC/USD up. As a result, a further decrease in price could be expected today, unless the bulls storm back in control.

BTC/USD daily confluence detector

fxsoriginal

$7,250 level has the five-day Simple Moving Average (SMA 5), SMA 10, SMA 50, one-hour Previous High, one-month Fibonacci 23.6% retracement level, 15-min Previous High, one-hour Previous High and 15-min Bollinger Band middle curve.
 

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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