Bitcoin price prediction: BTC/USD indecisive around the $11,900 mark - Confluence Detector
- BTC/USD bears eked out the bulls this Thursday and is currently priced at $11,885.
- Daily confluence detector shows one healthy resistance level on the upside.
BTC/USD bears managed to eke out the bulls this Thursday. The latest candlesticks in the daily BTC/USD price chart looks like an “evening star” pattern, which is a bearish sign. Looking at the hourly breakdown of the price action, we can see that the bears were in full control of the market this Thursday, taking the price down from $11,975 to $11,565. That is where the price found support, and the bulls re-entered the market, taking BTC/USD up to $11,975. The buyers found resistance there, and the sellers then managed to take the price down to $11,885.
BTC/USD daily confluence detector
The daily confluence detector shows a resistance level at $12,065, which has the 1-hour Bollinger band upper curve, 1-hour previous high, 4-hour previous high and 1-day previous high.
On the downside, there is a healthy support level at $11,850, which has the 1-day Fibonacci 61.8% retracement level. Below that, there is a stack of support levels from $11,600-$11,650. This stack has a mix of the 1-month Fibonacci 61.8% retracement level, 1-day Fibonacci 23.6% retracement level and 1-day pivot point support 1.
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.
