Bitcoin technical analysis: Lack of healthy support levels may see BTC/USD drop below $7,000 – Confluence Detector
- BTC/USD fell from $7,348 to $7,201.80 this Tuesday.
- On the upside, it faces strong resistance at $7,225.
BTC/USD daily confluence detector
BTC/USD has dropped from $7,201.80 to $7,198.65 as the bears retained control for the second straight day. The is a lack of healthy support levels so, the price may potentially drop below the $7,000-level. On the upside, the price faces immediate resistance at $7,225. This level has the one-day Fibonacci 23.6% retracement level, one-month Fibonacci 61.8% retracement level, 15-min Previous High, one-hour Previous High, 15-min Bollinger Band middle curve, 15-min SMA 5, one-hour SMA 5 and 15-min SMA 10.
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.
