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Bitcoin Price Prediction: BTC/USD may fall more as daily confluence detector shows lack of strong support levels

  • BTC/USD fell from $7,386.40 to $7,215.70 this Monday.
  • The upside potential of BTC/USD cut off by a healthy resistance level at $7,250.

BTC/USD daily confluence detector

fxsoriginal

BTC/USD fell from $7,386.40 to $7,215.70 this Monday after the bulls took advantage of the market for four consecutive days. Currently, the price of the asset has increased a bit to $7,216.65 so far this Tuesday. The daily confluence detector shows a lack of strong support levels on the downside, which indicates that a further drop in price won’t be unexpected.

On the upside, there are healthy resistance levels at $7,250 and $7,270-$7,290. $7,250 has the one-hour Previous High, one-day Fibonacci 23.6% retracement level and one-month Fibonacci 23.6% retracement level. The $7,270-$7,290 stack has the five-day Simple Moving Average (SMA 5), SMA 10, SMA 100, SMA 200, 15-min Bollinger Band, one-hour Bollinger Band, one-day Fibonacci 38.2% retracement level and one-week Fibonacci 61.8% retracement level.

source: fxstreet

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