Bitcoin price prediction: Bulls licking their wounds following a bearish Monday


  • BTC/USD went down from $11,535 to $11,385 as Monday came to a close.
  • Daily confluence detector shows four healthy resistance levels upfront.

Following a bullish Sunday, BTC/USD has had a bearish Monday. During the day, BTC/USD went down from $11,535 to 11,385. The digital asset has had a bearish start to the day, as the price has gone down further to $11,382. Looking at the hourly breakdown, we can see that the price has had a bearish start to the day, as the price fell from $11,535 to $11,315. The bulls then managed to pick the price back up to $11,436, before it corrected to $11,385. The daily confluence detector shows that there are four healthy resistance levels upfront and there is only one support level of note on the downside.

BTC/USD daily confluence detector

fxsoriginal

The four resistance levels are at $11,415, $11,600, $11,640 and $11,745. $11,415 has the 5-day simple moving average (SMA 5), SMA 10, SMA 100, 15-min previous high and 1-day Fibonacci 38.2% retracement level. $11,600-level has the 1-day previous high, while the $11,640-level has the 1-month Fibonacci 61.8% retracement level. Finally, $11,745-level has the 1-day pivot point resistance 1 and SMA 5.

On the downside, the only support level of note is at $11,250, which has the 1-day pivot point support 1 and 1-week Fibonacci 61.8% retracement level.
 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Critical technical levels cryptos need to overcome after the summer slide

Late August is vacation time in the northern hemisphere – and cryptocurrency bulls may be at the beach as well. Tuesday's slide in prices lacks clear triggers and perhaps shows some fatigue or profit-taking. 

More Bitcoin News

Ripple market overview: XRP/USD recovery dealt a massive blow, capped under $0.27

Ripple bears continue to drill holes in key support areas. Last week’s attempt to correct above $0.3 hurdle miserably failed to gain traction above $0.29. For this reason, the price action that followed has been strongly bearish endangering viable support areas.

More Ripple News

Ethereum market update: ETH smacks bulls in the face following trendline break

The bearish wave is not slowing down for the second day in a row. Ethereum’s failure to break above $205 hurdles seems to have killed bull’s confidence in the recovery.

More Ethereum News

Crypto market update: Cryptos see red, Ethereum Classic defies expectations

Bears have had a stranglehold on the market for the last two days, with Ethereum Classic being the only exception among the top 20. Let’s take a closer look at how the top three did and then reveal the biggest winners and losers of the day, among the top 20 coins.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP