Bitcoin price prediction: BTC/USD recovery capped by $11,000 - Bitcoin confluence
|- BTC/USD consolidates below $11,000; the upside is limited at this stage.
- The strong support awaits BTC bulls on approach to $10,600.
Bitcoin (BTC) has recovered from the recent low of $9,843 and attempted to move above $11,000. However, cluster of selling orders located on approach to the critical resistance pushed the price back to $10,750 by press time. BTC/USD has gained over 5% of its value since this time on Monday, but it is still trading 14% lower than a week ago.
Bitcoin confluence levels
The area both below and above the current price is packed with strong technical levels, which means that we may spend some time in a range, consolidating losses incurred during the previous trading days. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$10,850 - 23.6% Fibo retracement daily SMA50 (Simple Moving Average) on 15-min chart, Pivot Point 1-week Support 3.
$11,000 - psychological level, SMA100 1-hour, the highest level of the previous day;
$11,500 - SMA100 4-hour, 38.2% Fibo retracement monthly.
Support levels
$10,600 - the lower line of 15-min Bollinger Band, 38.2% Fibo retracement daily, SMA50 1-hour, SMA200 15-min;
$10,100 - the lower lines of 1-day and 1-hour Bollinger Band, Pivot Point 1-day Support 1
$9,800 - 61.8% Fibo retracement monthly, SMA50 daily.
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