Bitcoin price prediction: Massive sell-off sees BTC/USD go down from $9,448.15 to $9,256.35 in 15 mins, more drop expected? - Confluence Detector


  • BTC/USD went down after encountering resistance at the $9,560 level.
  • The confluence detector shows a lack of healthy support levels.

BTC/USD had a heavily bearish Monday, wherein it fell from $9,560.50 to $9,223.15. There was a massive sell-off towards the end of the day, which saw BTC/USD go down from 9,448.15 to $9,256.35 in just 15 mins. Currently, the price has recovered a bit to $9,245.25 in the early hours of Tuesday. The hourly breakdown shows us that BTC/USD had fallen to 9,350, where it trended horizontally for a bit before the bears took control and brought the price down.

BTC/USD daily confluence detector

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So, is BTC/USD going to fall even more? The daily confluence detector shows us that this is a distinct possibility. 

There are no healthy support levels on the downside except for $9,225, which has the one-week Pivot Point resistance one.

On the upside, there are two strong resistance levels at $9,700 and $9,750. $9,700 has the one-month Fibonacci 61.8% retracement level, while $9,750 has the one-week Pivot Point resistance two.
 

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