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Bitcoin price prediction: BTC/USD push back into the $7,000-zone, but momentum curbed by strong resistance levels.

  • There is a lack of healthy support on the downside.
  • Strong resistance lies at $7,230, $7,250 and $7,460.
Bitcoin price prediction: BTC/USD push back into the $7,000-zone, but momentum curbed by strong resistance levels.
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bulls roared back this Wednesday by taking the price from $6,616 to $7,294. Currently, the price has gone down a bit to $7,169. The daily confluence detector shows three strong resistance levels on the upside at $7,230, $7,250 and $7,460. 

$7,230 has the one-day and one-week Fibonacci 23.6% retracement levels, while $7,250 has the one-hour Previous Low and one-month Fibonacci 23.6% retracement level. $7,460 has the 200-day Simple Moving Average (SMA 200), one-hour Previous High and four-hour Previous High. There are no healthy support levels on the downside.
 

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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