Bitcoin price prediction: BTC/USD shows lack of significant support levels, may drop further - Confluence detector

  • BTC/USD is currently trading at $7,615, just below some significant resistance levels.
  • The confluence detector shows only one significant support level at $7,550. 

After the bulls failed at the $8,000-level, BTC/USD has been on a bit of a mini downward spiral. Over the last three days, it fell down from $8,200 to $7,630. The daily confluence detector shows a lack of any strong support levels. The only support level of note lies at $7,550.

BTC/USD Daily Confluence Detector

The $7,550 support level sees a confluence of monthly pivot point resistance 3.

The daily confluence detector also has resistance levels at - $7,800, $7,900-$8,000, $8,150, and $8,300-$8,400. The confluences at those levels are:

  • $7,800: Simple Moving Average (SMA) 5, SMA 10, 4-hour Bollinger band lower curve, 1-day previous low, 1-day pivot point support 1, and SMA 200.
  • $7,900-$8,000: Daily 61.8% Fibonacci retracement level, 4-hour previous high, SMA 5, SMA 200, SMA 50, SMA 10, weekly 23.6% Fibonacci retracement level, 4-hour Bollinger band middle curve, hourly Bollinger band middle curve, SMA 100, daily 38.2% Fibonacci retracement level, and 4-hour previous low.
  • $8,150: 1-day previous high and daily pivot point resistance 1.
  • $8,300-$8,400: Previous week high, 1-week pivot point resistance 1, 1-day pivot point resistance 2, and daily 161.8% Fibonacci retracement level.
     

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