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Bitcoin Price Forecast: BTC/USD bears consolidate price below $11,700 – Confluence Detector

  • BTC/USD faced bearish correction, following a heavily bullish Sunday.
  • The daily confluence detector shows one healthy support level at $11,615,
Bitcoin Price Forecast: BTC/USD bears consolidate price below $11,700 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD faced bearish correction following a heavily bullish Sunday. In the process, the price has dropped below the $11,700-level, going down from $11,713.90 $11,684.15. As per the daily confluence detector, there is a strong resistance level at $11,725, which has the one-day Fibonacci 23.6% retracement level and one-day Bollinger Band middle curve. On the downside, we have one healthy support at $11,615, which has the one-day SMA 10, daily Pivot Point support-one, one-day and one-week Fibonacci 61.8% retracement levels.
 

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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