Bitcoin price prediction: Complete absence of strong support levels could lead to the price plummeting below $7,000


  • There are three healthy resistance levels on the upside that are pushing the price down.
  • Lack of visible support can take the price below $7,000.

The price of BTC/USD has dropped from $7300.95 to $7,170.75 in the early hours of Wednesday. The daily confluence detector shows a lack of any healthy support levels, indicating that the price may drop even further. Resistance levels lie at $7,260, $7,315 and $7,360.

BTC/USD daily confluence detector

fxsoriginal

$7,260 has the one-month Fibonacci 23.6% retracement level, while $7,315 has the one-hour Previous High, one-hour Bollinger Band middle curve, five-day Simple Moving Average (SMA 5) and SMA 10. Finally, $7,360 has the four-hour Previous High, one-day Fibonacci 61.8% retracement level and the SMA 10.

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

BTC/USD sinks beneath 50-day SMA, is recovery to $10k a pipe dream?

Bitcoin price recovery above $10,000 is gradually becoming a mirage following continued losses that have eyed $9,000 since the beginning of the week.

More Bitcoin News

Crypto Today: Bottomless 'pit' swallows Bitcoin and altcoins

Rampage has been the order of the day for three days in a row across the cryptocurrency market. Major digital assets such as Bitcoin, Ripple, and Ethereum have suffered greatly at the hand of the bears. 

More Cryptocurrencies News

Ethereum Price Analysis: Is $230 ETH/USD’s last shot at a bullish reversal?

The bloodshed in the cryptocurrency market has started to send jitters among investors and crypto enthusiasts. The losses across the board remain vaguely unexplained especially with the Coronavirus fast ...

More Ethereum News

Litecoin Price Analysis: Wave theory projects price to move lower still

Cryptocurrencies continue to fall on Wednesday adding to a heaving start to the week already. Litecoin is one of the worst-hit currently around 11.5% lower at the time of writing. 

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP