- BTC/USD rose up from $12,050 to $13,400 by mid-day on Wednesday.
- Confluence detector predicts four strong support level
Bitcoin has been moving up quite rapidly of recent. We have seen several price fluctuations with corresponding resistances and supports at various levels. Bitcoin recorded an incredible percentage rise in price recently and this has caused its whole market cap to double up in the last few days.
Within the last 5 days, bitcoin rose steadily from around $7500 and faced a major resistance shortly after crossing the $9500 corner. This resistance proved temporary as bitcoin was able to rise again to surpass the resistance at that level. This saw bitcoin at $10,000 for the first time in about a year. The uptrend continued to show more positivity until each unit of the coin recorded a value of $11,000 as at Tuesday to an all-time high of 15 months.
BTC/USD rose from $12,050to $13,400 in the early hours of Wednesday. Earlier, the price spiked from $11,000 to $11,700 this Tuesday. The bullish signal should have enough strength to keep the price above $13,000, but faced strong resistance at $12,700, as shown on the daily confluence detector. The detector also indicated four strong support levels to support the price from a drastic crash.
BTC/USD daily Price Indicator
The $12,150 resistance level has the 1-week pivot point resistance 3.
The support levels are at $11,800, $11,625, $11,525 and $11,475. The $11,800 has an integration of 15-min previously recorded low, 4-hour previously recorded high and a 1-day previously recorded high. $11,625 has 4-hour Bollinger band upper deviation and daily Fibonacci at the 23.6% retracement level. $11,525 has the daily Bollinger band higher deviation and 50-day steady moving average deviation. Finally, the $11,475 level has 1-month pivot point resistance 2.
At the time of writing the analysis, bitcoin is currently trading at $13,400 and technical indicators predict further upward trend within the next 48 hours before we can expect a major resistance with the already mentioned support levels.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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