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Bitcoin Price Forecast: BTC/USD bulls and bears wrestle for control near the $11,600 level– Confluence Detector

  • BTC/USD lacks strong resistance on the upside.
  • On the downside, we have three healthy support levels at $11,600, $11,465 and $10,870.
Bitcoin Price Forecast: BTC/USD bulls and bears wrestle for control near the $11,600 level– Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD is trading around $11,605 as bulls and bears wrestle for control. The daily confluence detector shows a lack of strong resistance levels on the upside. On the downside, we have three healthy support levels at $11,600, $11,465 and $10,870.

$11,600 has the one-day Previous Low and one-day Pivot Point support-one, among others. The $11,465-level is highlighted by the one-day Pivot Point support-two, Previous Week high and Previous Month high. Finally, the $10,870 support level has the one-month Fibonacci 23.6% retracement level.
 

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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