Tanya Abrosimova
Independent Analyst
- 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.
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