Bitcoin price prediction: BTC/USD may struggle to go back above $11,000 after brief flirtation - Confluence Detector
|- BTC/USD is currently trading around $10,900 in the early hours of Tuesday.
- BTC/USD faces two healthy resistance levels as per the daily confluence detector.
BTC/USD dropped dramatically from $11,805 to $10,195, over the weekend. This Monday, the price dropped below $10,000 to $9,855 but then recovered up to $11,080, crossing the $11,000-level in the process. However, the bears stepped in and checked the price down to $10,855 in the process. Currently, it is trading around $10,900 in the early hours of Tuesday. The daily confluence detector shows that the bulls will need to overcome two healthy resistance levels before they can re-enter the $11,000-level.
BTC/USD daily confluence detector
There are two prominent resistance levels at $10,950 and $10,980. The $10,950 level has the daily 23.6% Fibonacci retracement level and 1-hour previous high, while the most robust resistance level, $10,980, has the previous-week low.
On the downside, there is one substantial support level at $10,780, which sees a confluence of the 50-day simple moving average (SMA 50) curve and daily Bollinger band middle curve.
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.