Bitcoin Price Forecast: BTC/USD falls below $11,300 – Confluence Detector
- BTC/USD bears have stayed in control for the second straight day.
- Daily confluence detector has three strong resistance levels at $11,800, $11,900 and $12,200.
BTC/USD daily confluence detector
BTC/USD bears have stayed in control for two consecutive days. The price fell from $11,326.78 to $11,290.15 in the early hours of Wednesday. As per the daily confluence detector, there are three strong resistance levels at $11,800, $11,900 and $12,200.
The $11,800-level has the one-week Fibonacci 23.6% retracement level, one-day Previous High and one-day Bollinger Band middle curve, among others. Up next, the $11,900-level is highlighted by the one-week Fibonacci 38.2% retracement level and 4-hour Bollinger Band upper curve. Finally, the $12,200-level has the weekly Pivot Point resistance-one and one-day Fibonacci 161.8% retracement level.
On the downside, there is a healthy support level at $10,950, which has the one-month Fibonacci 23.6% retracement level and weekly Pivot Point one support-two.
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.
