TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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.
Bitcoin price prediction: BTC/USD crosses $11,000, how much further can it go? - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

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

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.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.