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Bitcoin Price Prediction: BTC/USD downward spiral may be stopped by $7,800 support level - Confluence Detector

  • BTC/USD fell from $8,905 to $7,930.85 over the last two days (Sunday and Monday)
  • There is strong resistance at $7,940.
Bitcoin Price Prediction: BTC/USD downward spiral may be stopped by $7,800 support level - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD has dropped from $7,930.85 to $7,895.30 in the early hours of Tuesday as the freefall continues. The daily confluence detector shows a strong resistance level at $7,940, which has the SMA 5, one-week Fibonacci 161.8% retracement level and one-day Bollinger Band. On the downside, healthy support lies at $7,800, which has the one-month Pivot Point.
 

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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