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Bitcoin price prediction: BTC/USD falling fast, will it stay above $9,000?- Confluence Detector

  • BTC/USD bulls failed at the $9,330-level this Tuesday.
  • Confluence detector shows a lack of healthy support levels.
Bitcoin price prediction: BTC/USD falling fast, will it stay above $9,000?- Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD bears have taken the price down from $9,330 to $9,010 this Tuesday. The $9,100 support line was holding strong before the bears made their breakthrough. Worryingly enough, the daily confluence detector shows a lack of any strong healthy levels. This indicates that if the bears gain steam, they may take the price all the way down to $8,745.

BTC/USD daily confluence detector

The daily confluence detector shows resistance levels at $9,060, $9,100 and $9,175. The $9,060-level sees a confluence of 15-min previous low, hourly previous low and 1-day pivot point support 1. The $9,100-level is the strongest resistance level and it has the previous month high and 1-week pivot point resistance 1. The $9,175-level has the daily 61.8% Fibonacci retracement level and the 15-min Bollinger band upper curve.

The support levels are at $8,975, $8,775 and $8,740. The $8,975 level has 1-day previous low, while the $8,775 level has the 1-day pivot point support 2. The last support level is at $8,740 and has the 5-day simple moving average (SMA 5) 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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