Bitcoin price prediction: BTC/USD downside reignited towards $7,000 – Confluence Detector


  • Bitcoin resumes the downtrend as $6,500 beckons profusely.
  • The buyers have a lifeline mission to defend $7,000 support and avert losses towards $6,500.

Bitcoin is exploring lower levels towards the support at $7,000. The downward momentum is occurring after a drab weekend that saw little to not upside action. Bitcoin, however, continuously pressed against key support levels including $7,400 and $7,200.

Meanwhile, BTC is trading at $7,230 after a 2.2% lower correction during the European session on Monday. The existing trend is bearish while the volatility is high. The losses at the beginning of the week are not unique to Bitcoin as Ethereum is down 1.84% and Ripple 2%. Other cryptocurrencies leading in declines include NEO, Litecoin and IOTA.

Bitcoin Confluence Levels

fxsoriginal

Bitcoin bulls have no choice but to barricade $7,000 and ensure that the region is impenetrable. Why? Because the next major support under $7,000 is seen at $6,565 and only highlighted by the previous month low and previous week low. A number of weak support zones are scattered at $6,715, $6,40 as well as $7,089.

On the upside, a number of resistance zones cloud the path towards $8,000. The initial hurdle at $7,314 is host to the Bollinger Band 1-hour, SMA 10 15-minutes and the Fibonacci 23.6% daily. The strongest resistance lies with $7,389 as highlighted using SMA 50 15-mins, Fibo 38.2% one-week, previous low 4-hour, previous low 4-hour, BB 1-hour middle curve, and the previous high 1-hour. Other key seller congestion zones include $7,614, $7,764 and $7,913.

More Confluence Detector

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP