Bitcoin Price Forecast: BTC/USD keeps flirting around $12,000 level – Confluence Detector
- BTC/USD bulls re-entered the market following a bearish Monday.
- The daily confluence detector shows two healthy support levels at $11,850 and $11,600.
BTC/USD daily confluence detector
BTC/USD bulls took control of the market as Tuesday’s session came to a close, pushing the price above the $12,000-mark. The price has jumped up from $11,655.87 to $12,015. As per the daily confluence detector, there is one strong resistance at $12,600 and two healthy support levels at $11,850 and $11,600.
The $12,600 resistance level has the weekly Pivot Point resistance-one and monthly Pivot Point resistance-three.
Up next, the $11,850 support level has the one-day Previous High, daily Pivot Point one resistance-one and monthly Fibonacci 38.2% retracement level.
Finally, the $11,600 support is highlighted by the one-day Previous Low, daily Pivot Point one support-one, one-day SMA 10, weekly Fibonacci 61.8% retracement level.
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.
