Bitcoin price prediction: BTC/USD bulls face resistance at $11,400 - Confluence Detector
- BTC/USD has gone up from $10,840 to $11,280 in the early hours of Wednesday.
- Daily confluence detector shows a lack of substantial support levels.
BTC/USD was reeling in the early hours of Tuesday as its price went below $10,000 for the first time in nearly two weeks. Since then, BTC/USD bulls have rallied together and taken the price up to $11,300. As per the daily confluence detector, there is a substantial resistance level at $11,400.
BTC/USD daily confluence detector
The daily confluence detector shows a massive resistance-level at $11,400, which has the 10-day simple moving average (SMA 10) curve and the monthly 38.2% Fibonacci retracement level.
There are no substantial support levels. The only respectable level is at $10,950, which sees the 4-hour previous high and 1-day previous high.
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.
