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.
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.
