fxs_header_sponsor_anchor

Bitcoin Price Prediction: BTC/USD next rendezvous could be $6,000 – Confluence Detector

  • Losing $7,500 support was detrimental for Bitcoin as the next stop could be $6,500.
  • Bitcoin must resume the uptrend above the initial resistance at $7,331 to pave the way for gains towards $8,000.

Bitcoin price has remained lethargic in action after it gave up $7,500 support. The recovery from Monday’s trip below $7,200 has not managed to clear the resistance at $7,400. BTC is trading at $7,300 following a downside correction from an intraday high around $7,412.

According to Joe DiPasquale, the CEO of BitBull Capital, a crypto fund a research firm, Bitcoin’s “the next stop would be $6,000,” especially after breaking below $7,500 support. Recovery will continue to drag because of the low volumes bring recorded. DiPasquale said via a tweet:

“If the current support at $7,500 is breached conclusively, the next stop would be $6,000. The maximum upside, meanwhile, is limited to $9,500. A break down is more likely than a break upward, however, due to low volumes, repeated new lows, and low sentiment.”

Bitcoin Confluence Detector

Bitcoin initial resistance is seen at $7,331. A cluster of indicators calls the same zone home, turn, making it impenetrable. Some these indicators range from the SMA ten 15-minutes, SMA five 15-mins, SMA 100 15-mins, previous low 4-hour, Bollinger Band 1-hour middle and SMA 200 15-mins among others.

If the buyers managed to pull Bitcoin above the resistance above, the rest of the journey towards $8,000 will be relatively smooth. However, various hurdles a $7,483, $7,710 and $7,938 will still give buyers a hard time.

As far as support is concerned, $7,255 is the first anchor, currently highlighted by the Fibo 23.6% daily and the Fibo 23.6% one-month. Other subtle support areas include $7,104, $6,952 and $6,573.

More confluence levels

 

 

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.