Bitcoin price prediction: BTC bulls have to start it over again - Bitcoin confluence
- Bitcoin's upside momentum has faded away after a short-lived spike above $12,000.
- Critical $11,000 is regarded as a critical support area.
BTC/USD has recovered from Tuesday's low of $11,256; however, the first digital coin is still well below critical $12,000. The bullish breakthrough engineered during early Asian hours on Tuesday looked so promising, but it failed to live up to expectations. BTC/USD is changing hands at $11,640 at the time of writing, down over 3% on a day-on-day basis.
Bitcoin confluence levels
There is not much in terms of strong technical barriers, either above or below the current price. It means that bulls and bears are in similar conditions as long as the price stays within the range limited by $11,000 on the downside and $12,000 on the upside.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$12,000 - psychological level, 61.8 Fibo retracement daily; $12,500 - Pivot Point 1-month Resistance 1;
$13,000 - 161.8% Fibo projection daily.
Support levels
$11,600 - 38.2% Fibo retracement daily, 61.8% Fibo retracement monthly, SMA100 (Simple Moving Average) 15-min;
$11,000 - psychological barrier, Pivot Point 1-week Resistance 1;
$10,600 - 38.2 Fibo retracement monthly, SMA100 1-hour, SMA200 4-hour.
Author
Tanya Abrosimova
Independent Analyst
