Tanya Abrosimova
Independent Analyst
- BTC/USD bulls struggle to push the price towards the critical $12,000.
- The local support is created by $11,500, which is the lowest level of the previous week.
Bitcoin (BTC) bottomed at $11,370 on August 22 and resumed the recovery towards $12,000. At the time of writing, the first digital asset is changing hands at $11,800, having gained nearly 2% on a day-to-day basis. While the critical resistance remains unbroken, the upside momentum may gain traction later during the day as the coin is moving within the strong bullish trend amid low volatility.
BTC/USD daily chart
-637338697710828236.png)
On the intraday charts, the local resistance is created by 1-hour SMA200 marginally above the current price. Once it is out of the way, the upside is likely to gain traction with the next focus on $11,900. This area stopped the recovery on Friday, August 21; a sustainable move above this level will open up the way to the psychological $12,000. On the downside, the first support comes at $11,700-$11,680. This zone served as a local resistance during the weekend; also, it includes 1-hour SMA100.
Bitcoin confluence levels
There are a lot of strong technical barriers clustered above the current price, on approach to $12,000 which means, Bitcoin bulls might have a hard time building a recovery momentum. Meanwhile, several important support levels are likely to limit the downside at this stage. Let’s have a closer look at support and resistance levels for BTC/USD.
Resistance levels
$11,850 — 1-hour SMA200, 4-hour SMA50, daily SMA10, the upper line of the 4-hour Bollinger Band, 38.2% Fibo retracement weekly
$12,200 — the upper line of the daily Bollinger Band, Pivot Point 1-week Resistance 1
$12,500 — the highest level of the previous week
Support levels
$11,700 — the middle line of 1-day Bollinger Band, 23.6% Fibo retracement weekly, 1-hour SMA10
$11,500 — the lower line of the 4-hour Bollinger Band, the lowest level of the previous week, the highest level of the previous month
$11,200 — Pivot Point 1-week Support 1
BTC/USD, 1-day
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Shiba Inu price edges close to a 60% breakout as bears watch in disbelief
Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.
XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets
XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking.
Avalanche price makes a turn for the better
Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.
Binance Coin Price Prediction: Whales take naps at the shore
Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.
Bitcoin: If bulls lose control here, BTC could revisit $21,000
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.