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Bitcoin price prediction: BTC/USD faces resistance at $11,400 - Confluence Detector

  • BTC/USD is currently priced at $11,156.
  • BTC/USD has a healthy support level at $11,045.
Bitcoin price prediction: BTC/USD faces resistance at $11,400 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bearish start to the day and is currently trading for $11,156. BTC/USD had a heavily bearish Thursday, wherein the price went down by $11,985 to $11,145. Towards the end of the day, ETH/USD went down from $11,625 to $11,145 within a single hour. The confluence detector shows a healthy resistance level at $11,400 and a support level at $11,045.

BTC/USD daily confluence detector

The $11,400 resistance level has a monthly 38.2% Fibonacci retracement level. The $11,045 support level sees a confluence of 1-hour previous low, 4-hour previous low and 1-day previous low.
 

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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