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Bitcoin price prediction: BTC/USD trying to continue Wednesday’s bullish momentum - Confluence Detector

  • BTC/USD had a bullish Wednesday where the price went up from $11,471.50 to $11,974.
  • Confluence detector shows just on significant resistance level on the upside.
Bitcoin price prediction: BTC/USD trying to continue Wednesday’s bullish momentum - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bullish Wednesday where the price went up from $11,471.50 to $11,974. However, before they could go back into the $12,000-zone, the bulls met resistance at the $11,975-level and bounced down to $11,865. The daily confluence detector shows one resistance level of note at $11,875 and two healthy support levels at $11,670 and $11,650.

BTC/USD daily chart

fxsoriginal

The $11,875 resistance level has the 1-day Bollinger band upper curve, 1-day Fibonacci 38.2% retracement level, 15-min previous low and 1-hour previous low. The support level at $11,670 has the 4-hour previous low, 4-hour Bollinger band middle curve and 1-week pivot point resistance 2. Finally, the $11,650 support level has the 1-month Fibonacci 61.8% 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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