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Bitcoin Price Forecast: BTC/USD faces strong resistance upfront – Confluence Detector

  • BTC/USD bulls started the day strong and aim for the $11,000-level.
  • There are two strong resistance levels at $11,085 and $11,700.
Bitcoin Price Forecast: BTC/USD faces strong resistance upfront – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bulls took control in the early hours of Wednesday and took the price up from $10,936 to $10,966. The buyers are currently aiming for the $11,000 psychological level. The daily confluence detector shows a lack of healthy support on the downside. 

On the upside, we have two strong resistance levels at $11,085 and $11,700. $11,085 has a dense confluence, which is highlighted by the one-month Pivot Point resistance-two. The $11,700-level has the one-day Pivot Point resistance-one and one-month Pivot Point resistance-three.
 

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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