TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin price prediction: BTC/USD may bleed even more due to lack of support levels - Confluence Detector

  • BTC/USD is trading for $9,535 in the early hours of Wednesday.
  • The daily confluence detector shows three healthy resistance levels on the upside.
Bitcoin price prediction: BTC/USD may bleed even more due to lack of support levels - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

Tuesday was a heavily bearish day for BTC/USD as its price fell from $10,874 to $9,435. BTC/USD recovered a little this Wednesday and is trading for $9,535. The daily confluence detector shows only one support level of note at $9,360, so more drop can be expected over the day.

BTC/USD daily confluence detector

The three resistance levels are at $9,600, $9,775 and $9,900. The $9,600-level has the weekly 161.8% Fibonacci retracement level, while the $9,775-level has the 1-week pivot point support 2. The strongest resistance level is at $9,900, indicating that return to the $10,000-zone maybe a little difficult now. That level has a monthly 61.8% Fibonacci retracement level.

On the downside, the $9,360 support level has 1-hour previous low, 4-hour previous low and 1-day previous low.
 

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.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.