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Bitcoin price prediction: BTC/USD faces massive levels of resistance as bears take over this Saturday

  • BTC/USD has gone down from $12,375 to $11,735 in the early hours of Saturday.
  • The daily confluence detector shows substantial resistance levels beyond $12,000.
Bitcoin price prediction: BTC/USD faces massive levels of resistance as bears take over this Saturday
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD bears have taken the price down from $12,375 to $11,735 in the early hours of Saturday. The confluence detector shows us that the price faces heavy resistances beyond $12,000. So, while the bulls may sneak the price back above $12,000, further growth may be inhibited.

BTC/USD daily confluence detector

The resistance levels are at $11,825-$11,860, $12,000, $12,150, $12,475 and $12,500. The stack from $11,825-$11,860 has 1-hour previous low, 5-day simple moving average (SMA 5) and daily Fibonacci 38.2% retracement level. The $12,000-level sees the meeting of the 4-hour Bollinger band middle curve and 4-hour previous low.

The $12,150 level has no visible confluence while the $12,475 level has 4-hour previous high and daily previous high. Finally, the $12,500 has the weekly Fibonacci 38.2% retracement level.
 

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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