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Bitcoin Price Forecast: BTC/USD bulls shoot price above $11,800, aim for $12,000  – Confluence Detector

  • BTC/USD has strong resistance at $12,300.
  • On the downside, a healthy support stack lies between $11,485 - $11,600.
Bitcoin Price Forecast: BTC/USD bulls shoot price above $11,800, aim for $12,000  – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence

fxsoriginal

BTC/USD bulls stayed in control for the third straight day as the price went up from $11,795.39 to $11,817. Having taken the price above $11,800, the bulls will next want to aim for the $12,000-level. As per the daily confluence detector, BTC/USD has strong resistance at $12,300, which has the one-week and one-month Pivot Point resistance-one. 

On the downside, there is a healthy support stack between $11,485 - $11,600. This stack is highlighted by the one-day Fibonacci 23.6% retracement level, one-week Fibonacci 61.8% retracement level and Previous Month high.

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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