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Bitcoin Price Forecast: BTC/USD lacks healthy support levels on the downside – Confluence Detector

  • BTC/USD bulls face immediate resistance stack between $11,450-$11,525.
  • Following that, there is another strong resistance at $11,775.
Bitcoin Price Forecast: BTC/USD lacks healthy support levels on the downside – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bulls took charge of the market this Wednesday as the price went up from $11,326.78 to $11,445.47. The buyers are facing an immediate resistance stack between $11,450-$11,525. This stack is highlighted by the Previous Month high, Previous Week low and 4-hour SMA 200.

Following that, there is another strong resistance level at $11,775. This level has the daily Pivot Point one resistance-one, one-week Fibonacci 23.6% retracement level and one-day Bollinger Band middle curve.
 

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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