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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

fxsoriginal

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.

More from Rajarshi Mitra
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