- Bitcoin slides under $11,000 again as more declines flicker for the upcoming sessions.
- The confluence detector tool places the first support at $10,912, the second at $10,570 and the third at $10,341.
Bitcoin’s intent to stay above $11,000 becomes difficult with each passing second. A bullish reversal on Wednesday saw BTC/USD reclaim the ground above $11,000. However, on trading levels of $11,361 losses took effect immediately. At the time of writing, Bitcoin has retreated to $10,954. The downtrend could soon retest support at $10,800. Besides, a reversal seems imminent following the massive rally from the narrow range between $9,000 and $9,300.
Related reading: Cryptocurrency Market News: Bitcoin $50,000 bullseye in 2021 – CNBC’s Brian Kelly
The question, however, is whether Bitcoin has the potential to hold at higher support, preferably above $10,000? The daily chart shows the RSI retreating fast within the overbought region. This downward trend highlights the already overbought condition of Bitcoin. It is also vital to note that buyers are adamant to let Bitcoin slide as seen with MACD at 431. The tug war is bound to continue in the near term. In the meantime, let us look into the possible confluence resistance and support levels.
BTC/USD daily chart
 (9)-637316933017676604.png)
Bitcoin price confluence resistance and support areas
Resistance one: $11,026 – This a subtle seller congestion zone that is currently highlighted by the SMA five 15-minutes, SMA ten 15-minutes, SMA five 1-hour and the Bollinger Band 15-minutes middle.
Resistance two: $11,140 – This is the strongest hurdle where a cluster of indicators convergence including the previous high 1-hour, the SMA 50 1-hour, the SMA 200 15-minutes, the pivot point one-month resistance two and the Fibo 61.8% one-day.
Resistance three: $11368 to $11,482 – This wide zone holds the Bollinger Band 1-hour upper curve, the previous high one-day and the pivot point one-day resistance one.
Support one: $10,912 – This a minor support zone but holds the pivot point one-day support one and the Bollinger Band one-day upper curve.
Support two: $10,570 – This zone is home to the pivot point one-day support two, the Fibo 161.8% one-day and the SMA five one-day.
Support three: $10,341 – highlighted by the pivot point daily support three and the pivot point one-week resistance three.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.