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Bitcoin Price Forecast: BTC/USD has strong resistance at $12,160 – Confluence Detector

Bitcoin Price Forecast: BTC/USD has strong resistance at $12,160 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bears started this Tuesday strong, having taken the price down from $11,899 to $11,869.50.

BTC/USD has one substantial resistance level upfront at $12,160, which has the one-hour Bollinger Band upper curve, one-day Previous High and Previous Week High.

On the downside, we have three healthy support levels at $11,750, $11,600 and $11,500. $11,750 has the one-day Fibonacci 61.8% retracement, one-day SMA (simple moving average) 5 and 4-hour Bollinger Band middle curve, among others. 

The $11,600-level is highlighted by the one-day Fibonacci 23.6% retracement level, one-day Pivot Point support-one, and one-day SMA 10. Finally, the $11,500-level has the Previous Month High and 4-hour Bollinger Band lower curve.

Check out our crypto news report here.
 

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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