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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC sandwiched between strong resistance and support levels

Investment management firm Grayscale has recently resumed its acquisition of Bitcoin. Grayscale investment firm has bought 17,100 Bitcoin in the past week. BTC faces a strong resistance level at $10,800, as per the daily ...

More Bitcoin News

VeChain Technical Analysis: VET upside capped at $0.015

The 4-hour VET/USD has broken above the downward trending line and the 100-day Simple Moving Average (SMA 100). In the process, the TD sequential has flashed a buy signal. The MACD has reversed from bearish to bullish ...

More VeChain news

Zcash Price Forecast: ZEC on the cusp of ultimate liftoff $85

Zcash, a privacy-oriented digital asset, has continued to slice through crucial support levels since it traded above $100 in the first week of August. The price has been maintained within the confines of a parallel descending channel. 

More Zcash news

Bitcoin Cash Price Analysis: BCH flashes sell signals in 4-hour and 12-hour charts

The BCH 4-hour chart flashed a sell sign in the TD sequential indicator. After flashing the signal, the price has been trending horizontally over the next six sessions. The IOMAP shows that the price is currently ...

More Bitcoin Cash News


Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast