Bitcoin price prediction: BTC/USD lacks strong support until $7,650 - Confluence detector

  • BTC/USD opened the day at $7,770 this Thursday.
  • BTC/USD immediately faces resistance at $7,775, making upward growth difficult.

BTC/USD managed to have a bullish Wednesday, wherein its price went up from $7,670 to $$7,756, achieving a low of $7,568 and a high of $7,925. As the markets opened this Thursday, BTC/USD is trading for $7,770. Let’s look at the daily confluence detector and see how much growth (or drop) potential does BTC/USD currently have.

BTC/USD daily confluence detector

There are two prominent resistance levels are at $7,775 and $7,940. The confluences detected at those levels are as follows:

$7,775: 5-day simple moving average (SMA 5) curve, SMA 100, hourly Bollinger band middle curve, 15-min Bollinger band middle curve, 1-hour previous low and SMA 10.
$7,940: 4-hour previous high, 1-day previous high and 1-week pivot point support 1.

The only support level of note lies at $7,645. The confluence detected at that level is the monthly 38.2% Fibonacci retracement level. 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast