Bitcoin price prediction: BTC/USD consolidate gains before another bullish wave — Bitcoin confluence
- BTC/USD bulls hit the pause button after a move above $11,000
- Important support is created by the middle line of the 1-hour Bollinger Band at $10,862.
Bitcoin (BTC) retreated below $11,000 after a sharp growth to $11,173 during early Asian hours. The first digital asset has gained over 6% on a day-to-day basis, while its market capitalization spiked above $200 billion. At the time of writing, BTC/USD is trading hands at $10,967 amid a short-term bullish trend. The coin's market dominance jumped to 62.8% after a drop to 60.2% during the weekend.
BTC/USD 1-hour chart
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On the intraday charts, BTC/USD stays above the middle line of the 1-hour Bollinger Band at $10,862, which now serves as a local support area. Once it is out of the way, the sell-off is likely to gain traction with the next focus on 50-hour SMA at $10,350 and the lower line of the 1-hour Bollinger Band at $10,300. This barrier may slow down the bears and create a new bullish impulse.
Bitcoin confluence levels
There are several important technical barriers below and above the current price. It means that BTC/USD may spend soem time consolidating gains at the current levels before another attempt to clear psychological $11,000. Let's have a closer look at the support and resistance levels.
Resistance levels
$11,000 - Pivot Point 1-month Resistance 2, the highest level of the previous hour
$11,400 - 161.8% Fibo Projection monthly
$11,800 - Pivot Point 1-month Resistance 3, Pivot Point 1-day Resistance 3
Support levels
$10,800 - the middle line of the 1-hour Bollinger Band, 38.2% Fibo retracement daily
$10,400 - the highest level of the previous month, Pivot Point 1-week Resistance 3
$10,000 - Pivot Point 1-week Resistance 2, the middle line of the 4-hour Bollinger Band
BTC/USD, 1-day
Author
Tanya Abrosimova
Independent Analyst
