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
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.
Author
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.
