Home Bitcoin price prediction: BTC/USD bears have the advantage as confluence detector shows lack of support levels
Crypto News

Bitcoin price prediction: BTC/USD bears have the advantage as confluence detector shows lack of support levels

  • BTC/USD fell from $8,357.40 to $8,162.80 this Tuesday.
  • There are three resistance levels on the upside at $8,185, $8,285 and $8,480.

Despite a bullish start to the day, the overall sentiment of the BTC/USD market definitely remains bearish. The asset faced a massive sell-off this Tuesday wherein the price dropped from $8,357.40 to $8,162.80. While it has since recovered to $8,173.45, the daily confluence detector shows that the bears are still in the driver seat. Since there are no visible support levels, a further drop in price can be expected. On the upside, the confluence detector has three resistance levels at $8,185, $8,285 and $8,480.

BTC/USD daily confluence detector

fxsoriginal

$8,185 has the one-hour previous high, 15-min previous high, 15-min Bollinger Band upper curve, four-hour previous high, one-week Fibonacci 61.8% retracement level and the 10-day Simple Moving Average (SMA 10) curve. $8,285 sees a confluence of the SMA 5, SMA 10 and SMA 200 curves while $8,480 has the one-month Fibonacci 23.6% retracement level.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.