Bitcoin price prediction: Bulls licking their wounds following a bearish Monday
|- BTC/USD went down from $11,535 to $11,385 as Monday came to a close.
- Daily confluence detector shows four healthy resistance levels upfront.
Following a bullish Sunday, BTC/USD has had a bearish Monday. During the day, BTC/USD went down from $11,535 to 11,385. The digital asset has had a bearish start to the day, as the price has gone down further to $11,382. Looking at the hourly breakdown, we can see that the price has had a bearish start to the day, as the price fell from $11,535 to $11,315. The bulls then managed to pick the price back up to $11,436, before it corrected to $11,385. The daily confluence detector shows that there are four healthy resistance levels upfront and there is only one support level of note on the downside.
BTC/USD daily confluence detector
The four resistance levels are at $11,415, $11,600, $11,640 and $11,745. $11,415 has the 5-day simple moving average (SMA 5), SMA 10, SMA 100, 15-min previous high and 1-day Fibonacci 38.2% retracement level. $11,600-level has the 1-day previous high, while the $11,640-level has the 1-month Fibonacci 61.8% retracement level. Finally, $11,745-level has the 1-day pivot point resistance 1 and SMA 5.
On the downside, the only support level of note is at $11,250, which has the 1-day pivot point support 1 and 1-week Fibonacci 61.8% retracement level.
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.