Bitcoin price prediction: $11,000 is a real possibility now - Bitcoin confluence

  • 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.

Resistance levels

$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.

Support levels

$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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin Price Forecast: DOGE to retest critical support before overcoming doubt

Dogecoin price has formed an uptrend since July 21, breaking out from a downward trapped DOGE for nearly a month. The canine-themed cryptocurrency rec

More Dogecoin News

Chainlink VRF integration improves as LINK price eyes 30% upswing

Chainlink price has seen an impressive run-up over the past week, but it has been able to breach through a crucial supply barrier. The recent pullback stems from an inability to slice through the said resistance zone.

More Chainlink News

Goldman Sachs files for new DeFi ETF with SEC that tracks only major stocks

Goldman Sachs has filed an application with the United States Securities & Exchange Commission (SEC) for a new decentralized finance and blockchain-based exchange-traded fund (ETF). 

More Cryptocurrencies News

Zilliqa to Ethereum bridge delayed but ZIL price eyes retest of $0.086

Zilliqa price is currently approaching a crucial support level that could trigger a bounce, leading to a new uptrend. However, there are chances of this barrier failing under increased selling pressure. Therefore, investors need to keep a close eye on the bounce.

More Zilliqa News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast