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Bitcoin Price Forecast: BTC/USD consolidates above $11,500 – Confluence Detector

  • BTC/USD bears took charge of the market in the early hours of Saturday.
  • BTC/USD is presently sandwiched between heavy resistance and support levels.
Bitcoin Price Forecast: BTC/USD consolidates above $11,500 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bears took control of the market as the price consolidated itself above the $11,500-mark. The price has currently gone down from $11,535.80 to $11,521.36 and is sandwiched between strong resistance and support levels.

On the upside, we have a strong resistance stack between $11,530 to $11,700, which has the one-day Fibonacci 23.6% retracement level, one-week Fibonacci 61.8% retracement level and one-day Previous High.

On the downside, the $11,400-$11,515 support stack has the Previous Month high, daily Pivot Point one support-one, one-day Fibonacci 61.8% retracement level and one-week Fibonacci 38.2% 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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