Bitcoin Price Analysis: BTC/USD bears bring in the heat, price to drop more due to lack of healthy support levels – Confluence Detector

• BTC/USD has three strong resistance levels at $9,550, $9,350 and $8,900.
• The daily confluence detector shows a lack of healthy support levels.

BTC/USD daily confluence detector

BTC/USD dropped from $8,900 to $8,871.35 in the early hours of Tuesday. There is a lack of healthy support levels, so further price drops can be expected. On the upside, there are three strong resistance levels at $9,550, $9,350 and $8,900.

$9,550 has the Previous Month high and one-week Fibonacci 61.8% retracement level, $9,350 has the one-day Bollinger Band middle curve, one-day SMA 10 and 4-hour SMA 50. Finally, $8,900 has the one-day Fibonacci 38.2% retracement level, one-hour Bollinger Band middle curve, 4-hour Previous Low, 4-hour SMA 5, one-hour SMA 10, 5-min SMA 50 and 4-hour SMA 200.