Bitcoin Price Prediction: BTC/USD is poised for a short-term growth — Confluence Detector
|- BTC/USD has been moving within a short-term bullish trend since August 27
- The technical picture implies that the upside momentum may gain traction.
Bitcoin (BTC) hit the intraday high at $11,713 and retreated below has settled above $11,700 on Monday. The first digital asset has been on recovery track from August 27, when it hit the recent bottom of $11,227. At the time of writing, BTC/USD is changing hands at $11,680, mostly unchanged both on a day-to-day basis and since the beginning of the day. Bitcoin's dominance index dropped to 57.8% amid the strong growth of smaller cap coins.
BTC/USD 1-hour chart
On the intraday charts, BTC/USD has been moving within an upside-looking Bollinger Band with the local support created by its lower boundary and 1-hour SMA50 at $11,595. The short-term trend remains bullish as long as the price stays above this technical barrier. However, once it is broken, the sell-off may be extended to $11,500, which is reinforced by 1-hour SMA100. On the upside, a sustainable move above $11,700 is needed for the recovery to gain traction.
Bitcoin confluence levels
The vast majority of technical barriers are clustered both below the current price, which means the price may be better positioned for further recovery. Let's have a closer look at support and resistance levels for BTC/USD.
Resistance levels
$11,700 - the middle lines of the 1-hour and daily Bollinger Bands, 23.6% Fibo retracement daily
$11,850 - the highest level of the previous week, Pivot Point 1-week Resistance 1
$12,300 - Pivot Point 1-month Resistance 1, 161.8% Fibo projection weekly
Support levels
$11,5000 - 1-hour SMA100 and SMA200, 4-hour SMA50, 61.8% Fibo retracement weekly, the middle line of the 4-hour Bollinger Band
$11,300 - 23.6% Fibo retracement weekly, 161.8% Fibo projection daily, Pivot POint 1-day Support 3
$11,000 - daily SMA50
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.