Bitcoin price prediction: Bears dominate Tuesday following a heavily bullish Monday
- BTC/USD has gone down from $11,810 to $11,657 in the early hours of Tuesday.
- Daily confluence detector shows only one prominent resistance level of note.
BTC/USD has had a bearish start to Tuesday, as the price fell from $11,810 to $11,657 in the early hours of Tuesday. This follows a heavily bullish Monday, wherein the price went up from $10,980 to $11,815. The hourly price breakdown shows that price went up to $11,884.50 when the bears stepped in and took the price down to $11,730. The bulls re-entered the fray and took the price up to $11,809 before the bears checked it to $11,654.
BTC/USD daily confluence detector
The daily confluence detector shows two healthy support levels at $11,590 and $11,630. $11,590 has the 1-day Fibonacci 38.2% retracement level, while $11,630 has the 1-month Fibonacci 61.8% retracement level. On the upside, the only resistance level of note is at $11,665, which has 1-week pivot point resistance 2 and 15-min previous low.
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.
