Bitcoin price prediction: BTC/UD struggling to hold on to $11,200 – Confluence Detector

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  • Lack of support and the failure to break above $11,500 culminated in a retest of $11,200 support.
  • Correction towards $11,500 will come face to face with $11,401 resistance highlighted.
  • If Bitcoin clears the present support at $11,200, continued losses will find solace at $10,934.94.

Bitcoin is fighting hard to hold on the gains on Tuesday by stay above $11,200 support. Earlier today the digital asset corrected higher forming a new high at $11,470. However, lack of support and the failure to break above $11,500 culminated in a retest of $11,200 support.

The confluence detector shows the first hurdle at $11,285.22. Various technical indicators converge at this point forming a key barrier. The indicators include the pivot point 1-day R1, previous low 4-h, 50 SMA 15-mins, and the previous high 15-mins. Correction towards $11,500 will come face to face with $11,401 resistance highlighted by the Previous High 1-h, Pivot Point 1-D R2, and Pivot Point 1-Month R2. Once this level is cleared the confluence detector tool shows that Bitcoin could have a clear path towards $12,000 and $12,500.

On the downside, if Bitcoin clears the present support at $11,200, continued losses will find solace at $10,934.94: The 38.2% Fib level 1-D and the SMA 50 1-h. Other support areas traders must be aware of include $10,818, 10,234 and $10,000.

 

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