Bitcoin price prediction: BTC/USD crosses $11,000, how much further can it go? - Confluence Detector
- BTC/USD crossed $11,000 for the first time since 2018 this Monday.
- BTC/USD has to overcome resistance at $11,075 to continue the upward momentum.
BTC/USD is currently in the middle of sustained upward momentum, having enjoyed 13 bullish days out of the last 14. This Monday, the bulls managed to push BTC/USD for the first time since March 2018. In the early hours of Tuesday, the price has gone up further from $11,035 to $11,070. The bulls will need to overcome resistance at $11,075, as per the daily confluence detector, to sustain upward momentum.
BTC/USD daily confluence detector
As per the daily confluence detector, the resistance levels are $11,075 and $11,200. The $11,075 level sees a confluence of 15-min previous high, 1-day Bollinger upper curve and 1-hour previous high. The $11,200 level has the 1-week pivot point resistance 2.
Support levels are at $10,900 and $10,700-$10,725. There is strong support at the $10,900 line and it sees a confluence of the 1-day Fibonacci 38.2% retracement level and the hourly Bollinger band middle curve. The $10,700-$10,725 stack has 1-week pivot point resistance 1, 1-hour Bollinger band lower curve, 1-day pivot point support 1 and 4-hour Bollinger band middle curve.
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.
