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Bitcoin Price Forecast: BTC/USD bulls aim for $11,600, but strong resistance restricts movement – Confluence Detector

  • BTC/USD has strong resistance levels at $12,300 and $11,615.
  • Correlation between BTC and gold has reached all-time high levels

BTC/USD daily confluence detector

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BTC/USD has gone up from $11,568.60 to $11,596 as bulls continue to flirt around the $11,600 line. As per the daily confluence detector, there are two strong resistance levels at $12,300 and $11,615.

The $12,300-level has the Previous Month high. $11,615 has a strong confluence level highlighted by the one-week Fibonacci 61.8% retracement level and one-day Fibonacci 23.6% retracement level. $12,300 has the one-week and one-month Pivot Points resistance-one.

On the downside, we have healthy support levels at $11,525 and $10,600.

$11,525 has the Previous Month high. $10,600 has the Previous Week low. Finally, the $10,600-level has the Previous Week low.

Bitcoin and Gold Correlation

The monthly correlation rate between gold and Bitcoin has recently reached an all-time high of 70%, surpassing the peaks recorded in 2018 and 2019, according to Skew Analytics.

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