- BTC/USD has strung together four straight bearish days where the price fell by 9.25%.
- Daily confluence detector shows a lack of any healthy support levels.
BTC/USD has had a bearish Wednesday wherein the price fell from $9,856 to $9,771.50. In the process, BTC/USD has strung together four straight bearish days where the price fell from $10,768 to $9,771.50, falling by 9.25%. The daily confluence detector shows two prominent resistance levels in its path back to the $10,000-level. On the downside, there aren’t any healthy support levels, indicating a further drop in price.
BTC/USD daily confluence detector
There are two healthy resistance levels at $9,900 and $9,995. The $9,900-level is the strongest resistance level and has the monthly Fibonacci 61.8% retracement level and 4-hour previous high. The $9,995-level has the weekly Fibonacci 38.2% retracement level. There is only one support level of note at $9,660, which has the weekly Fibonacci 23.6% retracement level.
Author: Rajarshi Mitra