Bitcoin Price Forecast: BTC/USD consolidates above $11,500 – Confluence Detector
|- BTC/USD bears took charge of the market in the early hours of Saturday.
- BTC/USD is presently sandwiched between heavy resistance and support levels.
BTC/USD daily confluence detector
BTC/USD bears took control of the market as the price consolidated itself above the $11,500-mark. The price has currently gone down from $11,535.80 to $11,521.36 and is sandwiched between strong resistance and support levels.
On the upside, we have a strong resistance stack between $11,530 to $11,700, which has the one-day Fibonacci 23.6% retracement level, one-week Fibonacci 61.8% retracement level and one-day Previous High.
On the downside, the $11,400-$11,515 support stack has the Previous Month high, daily Pivot Point one support-one, one-day Fibonacci 61.8% retracement level and one-week Fibonacci 38.2% 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. 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.