Bitcoin price prediction: BTC/USD gather strength before another rush to $12,000 - Bitcoin confluence
|- BTC/USD bulls take a breath after the recent sharp movements.
- The local resistance levels come at $11,350 and $11.450.
Bitcoin (BTC) settled above $11,000, however, the further recovery is limited by the local resistance of $11,300. This barrier is reinforced by the middle line of the 1-hour Bollinger Band. The first has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday, while its market capitalization settled at $208 billion. At the time of writing, BTC/USD is trading at $11,250 amid a short-term bullish trend. The coin's market dominance dropped to 60.4% as some major atcoins, including Ethereum, are doing much better.
BTC/USD 1-hour chart
On the intraday charts, BTC/USD stays above 1-hour SMA50 at $11,230, which now serves as a local support area. Once it is out of the way, the sell-off is likely to gain traction with the next focus on1-hour SMA100 at $11,150 and the psychological $11,000. This barrier may slow down the bears and create a new bullish momentum.
Bitcoin confluence levels
There are several important technical barriers below and above the current price. It means that BTC/USD may spend some time consolidating gains at the current levels; however, in the long-run, the trend stays bullish as long as the price is above $11,000. Let's have a closer look at the support and resistance levels.
Resistance levels
$11,350 - 1-hour SMA100, 23.6% Fibo retracement daily
$11,440 - the highest level of the previous week and month, the upper line of the 1-hour Bollinger Band
$12,000 - the upper line of the daily Bollinger Band, Pivot Point 1-week Resistance 1
Support levels
$11,000 - 23.6% Fibo retracement weekly
$10,850 - 23.6% Fibo retracement monthly, the lower line of the 4-hour Bollinger Band
$10,500 - 161.8% Fibo retracement daily
BTC/USD, 1-day
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.