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

  • BTC/USD dropped below $7,000 this Thursday.
  • There is strong resistance at $7,125.
Bitcoin Price Prediction: Further drop expected as Confluence Detector doesn’t show any healthy support levels
Rajarshi MitraRajarshi MitraIndependent Analyst

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.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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