Bitcoin price prediction: BTC/USD bulls licking wounds, recovering above $11,000  - Bitcoin confluence

Bitcoin (BTC) has been range-bound during early Asian hours as the bulls are licking wounds after a dramatic collapse that took place on Thursday and made the coin $3000 cheaper in less than 24 hours. The sell-off may gain traction into the end of the working week. At the time of writing, BTC/USD is changing hands at $11,300.

Bitcoin confluence levels 

There are a lot of strong technical levels both above and below the current price, which confirms the range-bound theory. However, considering a highly volatile market, another wild move in either direction should not be excluded. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$11,450 - 38.2% Fibo retracement daily, Pivot Point 1-month Resistance 2

$11,700 - SMA100 1-hour

$12,150 - SMA10, 4-hour, Pivot Point 1-week Resistance 3

Support levels

$11,000 - SMA10 (Simple Moving Average) 1-hour, 23.6% Fibo retracement daily
$11,200 Pivot Point 1-week Resistance 2, the highest level of the previous week$10,700 - Pivot Point 1-week Resistance 1.
$10,350 - the lower line of 4-hour Bollinger Band.