Bitcoin price prediction: BTC/USD consolidates gains, $11,000 on horizon - Bitcoin confluence
- BTC/USD is consolidating gains after a strong growth on Monday.
- The critical resistance is seen on approach to $11,000.
Bitcoin (BTC) has settled at $10,400 during European hours on Tuesday. The first digital asset managed to clear the critical $10,000 on Monday as geopolitical risks and low rates environment in large economies force investors to look for alternative ways to save the value.
Read also: Cryptocurrency market update: Bitcoin dominance soars; altcoin’s future in jeopardy
Bitcoin confluence levels
Now that BTC/USD is trading well above the $10,000 barrier, the way to the North looks less crowded. The optimism returns to the market, which creates a positive environment for further growth.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$10,500 - SMA50 (Simple Moving Average) 1-day, the upper line of 1-min Bollinger Band, 38.2% Fibo retracement monthly.
$11,000 - Pivot Point 1-day Resistance 2.
$11,250 - 61.8% Fibo retracement monthly;
$11,600 - 161.8% Fibo projection weekly.
Support levels
$10,300 - the upper line of 4-hour Bollinger Band, the middle line of 15-min Bollinger Band, SMA5 1-hour
$10,200 - SMA100 daily, the middle line of 1-day Bollinger Band
$10,000 - 23.6% Fibo retracement monthly, 61.8% Fibo retracement daily.
Author
Tanya Abrosimova
Independent Analyst
