Bitcoin Price Forecast: BTC/USD falls below $11,300 – Confluence Detector
|- BTC/USD bears have stayed in control for the second straight day.
- Daily confluence detector has three strong resistance levels at $11,800, $11,900 and $12,200.
BTC/USD daily confluence detector
BTC/USD bears have stayed in control for two consecutive days. The price fell from $11,326.78 to $11,290.15 in the early hours of Wednesday. As per the daily confluence detector, there are three strong resistance levels at $11,800, $11,900 and $12,200.
The $11,800-level has the one-week Fibonacci 23.6% retracement level, one-day Previous High and one-day Bollinger Band middle curve, among others. Up next, the $11,900-level is highlighted by the one-week Fibonacci 38.2% retracement level and 4-hour Bollinger Band upper curve. Finally, the $12,200-level has the weekly Pivot Point resistance-one and one-day Fibonacci 161.8% retracement level.
On the downside, there is a healthy support level at $10,950, which has the one-month Fibonacci 23.6% retracement level and weekly Pivot Point one support-two.
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.