Bitcoin price prediction: BTC/USD in a precarious position as lack of healthy support levels can see it drop back below $7,000


  • Strong resistance lies at $7,255.
  • BTC/USD fell from $7,340 to $7,218.50 this Tuesday.

BTC/USD bulls have come out on top so far this Wednesday, as the price has gone up from $7,218.50 to $7,253.25. This follows a bearish Tuesday wherein the price dropped from $7,340 to $7,218.50. The daily confluence detector shows us that the price is currently in a highly precarious position. The bulls must overcome the resistance at $7,255 since there is a complete lack of support levels on the downside. If the bulls give up control, then the price may drop back below $7,000.

BTC/USD daily confluence detector

fxsoriginal

The $7,255 resistance level has the five-day Simple Moving Average (SMA 5), 15-min Previous Low, four-hour Previous High, one-week Fibonacci 23.6% retracement level, one-month Fibonacci 23.6% retracement level and one-day Fibonacci 38.2% retracement level.
 

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