TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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.
Bitcoin price prediction: Bulls face resistance at $11,425 before return to $11,500 - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

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.
 

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.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.