Bitcoin price prediction: BTC hovers around $11,800 as bears won't give up - Bitcoin confluence
- Bitcoin's upside momentum is too weak to take the price above $12,000.
- Critical $12,000 is regarded as a critical resistance area.
BTC/USD has been hovering around $11,800 handle after an initial attempt to move above $12,000 barrier during early Asian hours. The p=most popular digital coin is still moving within the long-term upside trend; however, the short-term technical picture looks less inspiring. Inability to settle above the key barrier may signal that Bitcoin bulls are exhausted and may need to more time to regain strength before another assault.
Bitcoin confluence levels
There are a lot of technical levels clustered below the current price, while the path to the North is pretty clear. It looks that that we have a good chance for a bullish scenario, once the coin takes out the above-mentioned $12,000 barrier.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$$11,950-12,000 - psychological level, 38.2$ Fibo retracement daily, the upper line of 1-day Bollinger Band, 23.6% Fibo retracement daily;
$12,500 - Pivot Point 1-month Resistance 1;
$13,200 - the highest level of the previous month.
Support levels
$11,700 - 61.8% Fibo retracement daily, the lower line of 1-hour Bollinger Band
$11,450 - the lower line of 4-hour Bollinger Band, SMA5 (Simple Moving Average) daily;
$11,000 - psychological barrier, SMA50 4-hour, SMA200 1-hour;
$10,700 - 38.2 Fibo retracement monthly, SMA200 4-hour.
Author
Tanya Abrosimova
Independent Analyst
