Search ForexCrunch
  • Bitcoin is trading at $11,181 and struggling to hold on to minor 0.39% gains on the day.
  • The first significant support according to the confluence detector lies at $11,159.

After losing ground on the upside, Bitcoin explored the levels under $11,000 on Friday. According to the intraday chart a low was formed at $10,765 before a correction occurred reclaiming $11,000 support. At press time, Bitcoin is trading at $11,181 and struggling to hold on to minor 0.39% gains on the day.

The confluence detector tool shows the first resistance at $11,275. Various technical indicators converge here to form the sellers’ congestion. Some of the indicators highlighted are the SMA 10 15-mins, Previous High 15-mins, Previous High 1-h, and the SMA 5 4-h. The further correction will encounter resistance at $11,509 highlighted by the Bollinger Band 15-mins upper, 100 SMA 15-mins, 38.2% Fib level 1-M and the Fibo 38.2% 1-D. Movements above this level will give way for gains towards $11,742 hurdles and $12,442 respectively.

On the downside, the first significant support according to the confluence detector lies at $11,159. The technical indicators holding ground here are the SMA 10 1-h, previous low 1-h, SMA 50 15-mins, previous low 1-D and the SMA 5 1-D. Other support levels include $10,692, $10,459 and $9,992.