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Bitcoin price prediction: BTC/USD flies past $12,000, faces stiff resistance at $12,150 - Confluence Detector

  • BTC/USD has gone up from $11,770 to $12,050 in the early hours of Wednesday.
  • Confluence detector shows four healthy support levels.
Bitcoin price prediction: BTC/USD flies past $12,000, faces stiff resistance at $12,150 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD went up from $11,770 to $12,050 in the early hours of Wednesday. Earlier, the price spiked from $11,035 to $11,700 this Tuesday. The bulls should have enough momentum to keep the price above $12,000, but they face stiff resistance at $12,150, as per the daily confluence detector. The detector also shows that four healthy support levels support the price.

BTC/USD daily confluence detector

The $12,150 resistance level has the 1-week pivot point resistance 3.

The support levels are at $11,800, $11,625, $11,525 and $11,475. The $11,800 sees a confluence of 15-min previous low, 4-hour previous high and 1-day previous high. $11,625 has 4-hour Bollinger band upper curve and daily Fibonacci 23.6% retracement level. $11,525 has the daily Bollinger band upper curve and 50-day simple moving average curve. Finally, the $11,475 level has 1-month pivot point resistance 2.
 

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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