- BTC/USD consolidates above $11,000 after a strong sell-off.
- The strong support awaits BTC bulls on approach to $11,000.
Bitcoin (BTC) has recovered from the recent lows to trade at $11,550 by press time. However, the first digital asset is controlled by bears as a strong move below $12,000 handle worsened the short-term technical picture. From the longer-term perspective, the coin is moving within a wide range, consolidating gains after a strong upside movement from December 2018 lows.
Bitcoin confluence levels
There are a lot of important technical levels both above and below the current price, which means that we may spend some time in a range ahead of another upside wave. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
$11,600 - SMA100 (Simple Moving Average) on 4-hour chart, SMA10 daily, the middle line of 15-min Bollinger Band;
$12,000 - 23.6% Fibo retracement daily;
$12,350 - the middle line of 4-hour Bollinger Band, Pivot Point 1-week Resistance 1, 23.6% Fibo retracement monthly, 38.2% Fibo retracement daily.
$11,500 - the middle line of 1-day Bollinger Band, 38.2% Fibo retracement monthly;
$11,000 - psychological level;
$10,600 - 38.2% Fibo retracement weekly, Pivot Point 1-day Support 1.
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.