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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.

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