Bitcoin price prediction: Bulls need to overcome resistance at $10,900 to re-enter the $11,000-level

  • BTC/USD plummeted from $11,390 to $10,865 this Tuesday.
  • Currently, BTC/USD has fallen further to 10,825 in the early hours of Wednesday.

Bitcoin has had an extremely bearish Tuesday, wherein the price of the asset fell from $11,390 to $10,865. So far, BTC/USD has had a bearish start to Wednesday, as the price fell further to 10,825. The hourly breakdown shows us that BTC/USD fell from $11,250 to $10,805 within five hours. The daily confluence detector shows us that there is a strong resistance level at $10,900, which the bulls will need to overcome to re-enter the $11,000-zone.

BTC/USD daily confluence detector

fxsoriginal

$10,900 has the 5-day simple moving average (SMA 5), 1-week pivot point support 1 and 15-min Bollinger band middle curve. The strongest resistance level is at $11,240, which has the SMA 10, 1-day pivot point support 1 and 1-day previous low.

On the downside, there are two healthy support levels at $10,800 and $10,650. $10,800 has no confluences detected, while $10,650 has the 1-month Fibonacci 61.8% retracement level.

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