Bitcoin price prediction: Bulls need to defend $11,245 support line - Confluence Detector
- BTC/USD is currently priced at $11,255.
- BTC/USD has had two heavily bearish days in a row.
BTC/USD has had a bearish start to the day, following two heavily bearish days. Currently, BTC/USD is priced at $11,255. Over the last two days, BTC/USD has fallen from $12,580 to $11,340. It is critical for bulls to defend the $11,340 support line to prevent any further downward movement.
BTC/USD daily confluence detector
The daily confluence detector shows three resistance levels at $11,300, $11,425 and $11,550. The $11,300 level has the 5-day simple moving average (SMA 5) curve while the $11,425-level has the SMA 10 curve. The $11,550 is the strongest resistance level detected and it has the confluence of SMA 10, SMA 50, SMA 100 and the 15-min Bollinger band middle curves.
On the downside, the critical $11,245 support line has the 1-day pivot point resistance 1 and 1-hour previous low. The strongest support line detected is at $11,000 and it has the 4-hour previous low and 1-day previous low.
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.
