Bitcoin price prediction: Bulls face resistance at $11,425 before return to $11,500 - Confluence Detector

  • BTC/USD went up from $11,005 to $11,325 in the early hours of Saturday.
  • Daily confluence detector shows three healthy support levels.

BTC/USD bulls started Saturday in full control of the market, as it went up from $11,005 to $11,355 within 15 mins. The bears have since corrected the price to $11,325. Before this, BTC/USD has had two bearish days in a row, wherein the price fell from $11,975 to $11,008 after failing at the $12,000 level. The daily confluence detector shows resistance at $11,425 before it could re-enter the $11,500 zone.

BTC/USD daily confluence detector

The $11,425 level sees a confluence of monthly Fibonacci 38.2% retracement level and hourly Bollinger band upper curve. 

There are three support levels at $11,250, $11,200 and $10,650. The $11,250 level has the Fibonacci weekly 61.8% retracement level and 15-min Bollinger band upper curve. The $11,200 level has 4-hour previous high and daily Fibonacci 61.8% retracement level. Finally, the $10,650 level sees the confluence of the Fibonacci 38.2% weekly retracement level and 4-hour Bollinger band lower curve.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast