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Bitcoin Price Forecast: Lack of resistance bodes well for bulls, further growth expected – Confluence Detector

  • BTC/USD bulls have remained in control of the market for three straight days.
  • Daily confluence detector shows two healthy support levels at $11,070 and $10,400.
Bitcoin Price Forecast: Lack of resistance bodes well for bulls, further growth expected – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

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BTC/USD bulls remained in control of the market for the third straight day as the price went up from $11,119.28 to $11,318.88. The daily confluence detector shows a lack of strong resistance levels on the upside, giving the buyers free rein to push the price into the $12,000-zone.

On the downside, we have two healthy support levels at $11,070 and $10,400. The $11,070 level has the one-month Pivot Point resistance-two and one-day Fibonacci 38.2% retracement level. Finally, the $10,400 support level has the Previous Month high, one-week Pivot Point resistance-three and 4-hour SMA 50.
 

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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