Bitcoin Price Prediction: BTC/USD ready to skyrocket once it breaks above resistance at 11,464 – Confluence Detector
|- Bitcoin has extended its recovery and feels comfortable above $11,000.
- BTC/USD faces several clusters of resistance lines on the way up.
- Here are the next levels to watch according to the Confluence Detector.
Gin Chao, the Chief Executive Officer at Binance, has said that BTC/USD will hit $100,000 by the end of the year and will hold up within a high range.
$100K for Bitcoin? That may take some time. In the shorter term, the granddaddy of cryptocurrencies has extended its recovery after dipping below $10,000 and is feeling comfortable above $11,000. It still faces a significant line of resistance before the bulls are unleashed.
What are the next levels to watch?
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin faces fierce resistance at $11,464 which is the convergence of the Fibonacci 38.2% one-week, the previous 4h-high, and the Bollinger Band 15min-Upper.
If the king of cryptos breaches this level, the next target is $12,350 where the Fibonacci 23.6% one-month meets the price.
BTC/USD has support at $10,710 where two Simple Moving Averages meet – the 10-4h and the 100-4h.
The next cushion to the downside is close. At $10,450 we see the confluence of the Pivot Point one-week S1 and the Fibonacci 38.2% one-day.
See all the cryptocurrency technical levels.
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.