Bitcoin Price Analysis: Can BTC/USD close the week above $11,000 pre-halving? – Confluence Detector

  • Bitcoin price breached the $10,000 level as widely anticipated but hit a wall at $10,120.
  • If Bitcoin reclaims the position above $10,000, the path to $11,000 seems relatively clear.

Bitcoin price surge above $10,000 did not come as a surprise to many as a pre-halving rally was highly anticipated. Following a breakout above $9,500 resistance, Bitcoin bulls’ confidence grew and they pushed the gains above the coveted $10,000 for the first time since February. The price breached the next hurdle at $10,100 but $10,120 stopped the bullish frenzy. Unfortunately, a reversal occurred forcing BTC back into the $9,000’s range.

At the time of writing, BTC/USD is trading at $9,950, slightly lower than the opening value at $10,000. The prevailing trend is strongly bearish while the volatility is low. The daily chart shows price above the moving averages. Moreover, the 50-day SMA seems to be closing the gap toward the 200-day as a signal that bullish influence is here to last. Therefore, it is highly probable that Bitcoin will make a comeback above $10,000. Other indicators such as the RSI and the MACD clearly show that buyers are in the driver seat in spite of the correction from the new May highs ($10,120).

BTC/USD daily chart

Bitcoin price confluence levels

According to the confluence tool, most of the hurdles Bitcoin has been facing this week are now in the rearview and ready to function as key support areas. However, buyers must still get ready to tackle some resistance at $10,083 as highlighted by the previous high 1-hour, the pivot point one-month resistance one and the Bollinger Band 15-minutes upper curve. A break above this zone will remain relatively interrupted until Bitcoin hits a subtle resistance at $10,393, $10,599 and $10,806.

On the downside, the former key resistance zones have transformed into support levels starting with $9,773. This area hosts the previous low 4-hour, the Fibonacci 38.2% one-day and the pivot point one-week resistance one. The next support target is observed at $9,567 and converges the previous month high and the previous week high. $9,050 is still an area of interest for the bulls but if broken, all eyes will be at $8,741 in a bid to stop any further dire damages to the price. In the meantime, all attention is for Bitcoin to reclaim the position above $10,000 and extend the action to $11,000 pre-halving.

 

 

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