Bitcoin technical analysis: Lack of healthy support levels may see BTC/USD drop below $7,000 – Confluence Detector
|- BTC/USD fell from $7,348 to $7,201.80 this Tuesday.
- On the upside, it faces strong resistance at $7,225.
BTC/USD daily confluence detector
BTC/USD has dropped from $7,201.80 to $7,198.65 as the bears retained control for the second straight day. The is a lack of healthy support levels so, the price may potentially drop below the $7,000-level. On the upside, the price faces immediate resistance at $7,225. This level has the one-day Fibonacci 23.6% retracement level, one-month Fibonacci 61.8% retracement level, 15-min Previous High, one-hour Previous High, 15-min Bollinger Band middle curve, 15-min SMA 5, one-hour SMA 5 and 15-min SMA 10.
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.