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Bitcoin Price Prediction: Further drop expected as Confluence Detector doesn’t show any healthy support levels

FX Street
Updated:
  • BTC/USD dropped below $7,000 this Thursday.
  • There is strong resistance at $7,125.

BTC/USD daily confluence detector

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BTC/USD fell from $7,176 to $6,945.85 this Thursday, dropping below $7,000 in the process. However, it looks like a further fall can be expected since the daily confluence detector shows a lack of any respectable support levels. So far this Friday, the price has dropped further to $6,937.15. According to the confluence detector, the $7,125 resistance level has the 50-day Simple Moving Average (SMA 50), SMA 200 and one-day Pivot Point resistance-one.
 

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