Bitcoin Price Forecast: BTC/USD drops below $11,500 – Confluence Detector
- BTC/USD has three strong resistance levels at $11,525, $11,800 and $11,900.
- On the downside, healthy support exists at $10,500.
BTC/USD daily confluence detector
BTC/USD bears have taken control of the market and dropped the price from $11,529.43 to $11,450.65. In the process, the asset has fallen below the $11,500-level. The sellers can potentially take the price below the $10,000-level if they overcome support at $10,500. This $10,500 support has the one-month Fibonacci 38.2% retracement level and one-day SMA 50.
BTC/USD faces three strong resistance levels upfront at $11,525, $11,800 and $11,900. The $11,525-level is highlighted by the Previous Month high. Up next, the $11,800-level has the one-week Fibonacci 23.6% retracement level and, finally, the $11,900 support has the one-week Fibonacci 38.2% retracement level.
Author
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.
