Bitcoin price prediction: Bulls can steamroll into the $12,000 zone if they gather enough momentum - Confluence Detector
- BTC/USD fell from $11,780 to $11,740 in the early hours of Saturday.
- The daily confluence detector shows a lack of strong resistance levels.
BTC/USD has had a bearish start to the day, falling from $11,780 to $11,740. This follows a bullish Friday, wherein the price went up from $11,355 to $11,805. The daily confluence detector shows that there some weak resistance levels until $12,000. If the bulls gather enough momentum, then they will definitely be able to put BTC/USD back in that territory.
BTC/USD daily confluence detector
The two most prominent resistance levels are at $11,850 and $11,975. The $11,850 level has the weekly 61.8% Fibonacci retracement level and the hourly Bollinger band upper curve while the $11,975 level has the 4-hour previous high, 1-day previous high and 15-min Bollinger band upper curve.
On the downside, there are two healthy support levels at $11,625 and $11,425. The $11,625 sees a confluence of the daily 38.2% Fibonacci retracement level, 100-day simple moving average (SMA 100) curve, 4-hour previous low and SMA 10. The $11,425 is the strongest support level, which has the monthly 38.2% Fibonacci retracement level and daily 61.8% Fibonacci retracement level.
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.
