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Bitcoin Technical Analysis: BTC/USD has two strong resistance levels at $6,915 and $7,200 – Confluence Detector

  • BTC/USD fell from $6,862,15 to $6,877 this Tuesday.
  • There are not healthy support levels on the downside.
Bitcoin Technical Analysis: BTC/USD has two strong resistance levels at $6,915 and $7,200 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bears remained in control as the price fell from $6,877 to $6,842.60. There are no healthy support levels on the downside, so the price can be expected to drop even more. On the upside, there are two strong resistance levels at $6,915 and $7,200. The former has the one-day Fibonacci 38.2% retracement level, one-hour Bollinger Band middle curve, one-hour SMA 5, 4-hour SMA 5, one-day SMA 5, one-hour SMA 10, 15-min SMA 50, 15-min SMA 100 and one-hour Previous High.  Finally, the $7,200 level has the one-week Fibonacci 38.2% retracement level and the one-month Fibonacci 61.8% retracement level. 
 

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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