Bitcoin price prediction: Complete absence of strong support levels could lead to the price plummeting 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.
XRP/USD manages to hold the 0.22 level
Ripple is still recovering from the massive price fall on the higher timeframes. The bulls heavily defended the 0.20 level and now the price has managed to settle at 0.22. The daily candles are still looking bearish but on the hourly chart, the price has moved into the wedge pattern shown below.
BCH/USD bearish flag pattern break threatens return to $190
The cryptocurrency space is forced to deal with acute selling pressure mid-through the week’s trading. The declines' streak has not slowed down since Friday last week. For instance, Bitcoin Cash revisited $210 support from highs around $228. A shallow recovery tested $215 but failed to push towards $220 crucial hurdle.
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.