RATE Group | Bears dominate Tuesday following a heavily bullish Monday
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Bears dominate Tuesday following a heavily bullish Monday

06 Aug Bears dominate Tuesday following a heavily bullish Monday

Posted at 03:29h in Bitcoin News by

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  • BTC/USD has gone down from $11,810 to $11,657 in the early hours of Tuesday.
  • Daily confluence detector shows only one prominent resistance level of note.

BTC/USD has had a bearish start to Tuesday, as the price fell from $11,810 to $11,657 in the early hours of Tuesday. This follows a heavily bullish Monday, wherein the price went up from $10,980 to $11,815. The hourly price breakdown shows that price went up to $11,884.50 when the bears stepped in and took the price down to $11,730. The bulls re-entered the fray and took the price up to $11,809 before the bears checked it to $11,654.

BTC/USD daily confluence detector

fxsoriginal

The daily confluence detector shows two healthy support levels at $11,590 and $11,630. $11,590 has the 1-day Fibonacci 38.2% retracement level, while $11,630 has the 1-month Fibonacci 61.8% retracement level. On the upside, the only resistance level of note is at $11,665, which has 1-week pivot point resistance 2 and 15-min previous low.
 

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