Bitcoin price prediction: BTC/USD may struggle to go back above $11,000 after brief flirtation - Confluence Detector
- BTC/USD is currently trading around $10,900 in the early hours of Tuesday.
- BTC/USD faces two healthy resistance levels as per the daily confluence detector.
BTC/USD dropped dramatically from $11,805 to $10,195, over the weekend. This Monday, the price dropped below $10,000 to $9,855 but then recovered up to $11,080, crossing the $11,000-level in the process. However, the bears stepped in and checked the price down to $10,855 in the process. Currently, it is trading around $10,900 in the early hours of Tuesday. The daily confluence detector shows that the bulls will need to overcome two healthy resistance levels before they can re-enter the $11,000-level.
BTC/USD daily confluence detector
There are two prominent resistance levels at $10,950 and $10,980. The $10,950 level has the daily 23.6% Fibonacci retracement level and 1-hour previous high, while the most robust resistance level, $10,980, has the previous-week low.
On the downside, there is one substantial support level at $10,780, which sees a confluence of the 50-day simple moving average (SMA 50) curve and daily Bollinger band middle curve.
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.
