Bitcoin price prediction: BTC/USD bulls get ready for revenge - Bitcoin confluence


  • 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.

Resistance levels

$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.

Support levels

$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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin's price to follow the hash rate increase if the history is any guide

Bitcoin hit the highest level of 2020 at $9,184 on Sunday ant retreated to $8,638 by the time of writing. The first digital asset has lost 4.6% of its value in recent 24 hours.

More Bitcoin News

Ripple may be ready for another bull's run as BitPay adds XRP support

Ripple's XRP, now the third-largest digital asset with the current market value of $10.1 billion has lost nearly 6% in recent 24 hours.

More Ripple News

DASH/USD drops 30% from 2020 peak as bulls lose their mojo

Dash was among the biggest gainers in the January 2020 bull-run. From the December low around $38, the price spiked remarkably, breaking numerous barriers.

More Dash news

LTC bulls are not ready to regain initiative

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, lost over 6.5% in the recent 24 hours amid global correction on the cryptocurrency market.  

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP