Tanya Abrosimova
Independent Analyst
- BTC/USD regain control and push the price towards the critical resistance zone.
- The price may retrace inside the Bollinger Band on 1-hour chart.
Bitcoin (BTC) hit the intraday high at $11,944 and retreated to $11,920 by the time of writing. The first digital asset has recovered from the recent bottom of $11,227 hit on August 27 and aimed at $12,000, which is regarded as a critical psychological barrier. BTC/USD has gained over 2% both on a day-to-day basis and since the beginning of the day.
BTC/USD 1-hour chart
-637345441989052067.png)
On the intraday charts, BTC/USD jumped above the upper line of the 1-hour Bollinger Band, which now serves as a local support at $11,850. The price may return inside the Bollinger Band within the technical correction with the next focus on 1-hour SMA50 at $11,660. The RSI on the intraday stays flat on the overbought territory, which is a potential signal for the bearish correction.
Bitcoin confluence levels
The 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
$12,000 - 23.6% Fibo retracement monthly
$12,300 - Pivot Point 1-week Resistance 2
$12,500 - the highest level of the previous month
Support levels
$11,700 - 61.8% Fibo retracement daily, the middle line of the 1-hour Bollinger Band, 38.2% Fibo retracement monthly
$11,500 - 1-hour SMA200, 4-hour SMA50, 61.8% Fibo retracement weekly
$11,000 - daily SMA50
BTC/USD, 1-day
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.