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Bitcoin price prediction: BTC/USD will face massive resistance after it crosses $12,000 - Confluence Detector

  • BTC/USD is priced currently at $11,900 in the early hours of Thursday.
  • Confluence detector shows three intense resistance levels beyond $12,000.
Bitcoin price prediction: BTC/USD will face massive resistance after it crosses $12,000 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bearish start to the day as the price has gone down from $11,990 to $11,900. This Wednesday was extremely bullish for BTC/USD as the price shot up from $10,840 to $11,990. The daily confluence detector shows three strong resistance levels beyond $12,000.

BTC/USD daily confluence detector

The three resistance levels are at $12,050, $12,175 and $12,350. The $12,050 level has the 15-min previous high, 1-hour previous high, 4-hour previous high and 1-day previous high. The $12,175 level doesn’t have any confluences. Finally, the $12,350 level has a monthly 23.6% Fibonacci retracement level.

On the downside, the support levels are at $11,680 and $11,540. The $11,680 level has weekly the 61.8% Fibonacci retracement level while the $11,540 level has the 10-day simple moving average (SMA 10) and SMA 50 curves.

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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