Bitcoin price prediction: BTC/USD just a catalyst away from $13,000 – Confluence Detector
|- Bitcoin accorded immense support at $11,200 igniting afternoon session gains.
- Increasing buying entries have given Bitcoin a mega kick stepping past $12,000.
Bitcoin has surprised many investors by taking the price action above $12,000. This comes after the assets plummeted from the weekly high around $12.328 on Tuesday. The incredible support at $11,200, accorded Bitcoin a firm boost.
The largest cryptocurrency reclaimed trendline support. Increasing buying entries have given Bitcoin a mega kick stepping past $12,000. The momentum is, however, staring into resistance at $12,115; observed using the confluence tool. The only indicator limiting movement here is the Previous High 15-mins. It also means that the chances of Bitcoin price correcting higher are very high. Besides, other higher hurdles are significantly mild. Bitcoin is just a catalyst away from the milestone at $13,000.
Read also: Europe-based Bitcoin exchange Bitpanda Global launched
On the downside, the resistance turned support is in position to defend Bitcoin from declines at $11,739. Various technical indicators converging at this support area range from SMA 10 4-hour, SMA 50 1-hour, previous high 4-hour and SMA 200 15-mins. Glancing lower other support areas to keep in mind include $10,862 and $10,611.
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.