- Bitcoin's upside momentum is gaining traction.
- Critical $11,000 is within reach now.
BTC/USD has been moving towards $11,000 amid growing volatility on the cryptocurrency market. The first digital asset has gained over 3% in recent 24 hours, while its market share increased to 66.5%. Bitcoin came close to $10,900 handle during early Asian hours on Saturday, but the retreated towards $10,800 by the time of writing.
Bitcoin confluence levels
There are some important technical barriers, below the current price, while the way to the North looks like the path of least resistance. It means that Bitcoin has a good chance to develop the upside momentum and tale out the key barrier at $11,000 sooner rather than later.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
$11,000 - psychological level, the upper line of 1-day Bollinger Band, Pivot Point 1-day Resistance 3;
$11,100 - Pivot Point 1-week Resistance 1;
$11,600 - Pivot Point 1-week Resistance 2, 61.8% Fibo retracement monthly.
$10,600 - 38.2% Fibo retracement monthly, the middle line of 1-hour Bollinger Band, SMA5 (Simple Moving Average) 4-hour, SMA100 15-min, SMA50 daily;
$10,300 - the middle line of 4-hour Bollinger Band, 23.6% Fibo retracement weekly;
$10,000 - 23.6% Fibo retracement monthly, SMA100 4-hour, 38.2% Fibo retracement weekly, the middle line of daily Bollinger Band.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.