Bitcoin price prediction: Bulls need to defend $11,245 support line - Confluence Detector
|- BTC/USD is currently priced at $11,255.
- BTC/USD has had two heavily bearish days in a row.
BTC/USD has had a bearish start to the day, following two heavily bearish days. Currently, BTC/USD is priced at $11,255. Over the last two days, BTC/USD has fallen from $12,580 to $11,340. It is critical for bulls to defend the $11,340 support line to prevent any further downward movement.
BTC/USD daily confluence detector
The daily confluence detector shows three resistance levels at $11,300, $11,425 and $11,550. The $11,300 level has the 5-day simple moving average (SMA 5) curve while the $11,425-level has the SMA 10 curve. The $11,550 is the strongest resistance level detected and it has the confluence of SMA 10, SMA 50, SMA 100 and the 15-min Bollinger band middle curves.
On the downside, the critical $11,245 support line has the 1-day pivot point resistance 1 and 1-hour previous low. The strongest support line detected is at $11,000 and it has the 4-hour previous low and 1-day previous low.
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.