Bitcoin price prediction: BTC/USD consolidates gains after a bout of volatility - Bitcoin confluence
- BTC/USD consolidates in the middle of $10,000-$11,000.
- The strong resistance awaits BTC bulls on approach to $11,450.
Bitcoin (BTC) has grown by over 8% in recent 24 hours to trade at $10,500 by the time of writing. The first digital cryptocurrency has been range-bound during early Asian hours, consolidating gains of the previous session. A sustainable move above $10,000 has improved the short-term technical picture; however, the critical $11,000 regains unbroken as of yet.
Bitcoin confluence levels
The Bitcoin (BTC) price is sandwiched between strong support and resistance levels created by critical technical indicators. Both bulls and bears might find it hard to push the price their way, which makes the coin vulnerable to sharp moves on breakouts.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$10,700 - the upper boundary of 15-min Bollinger Band
$1,000 - psychological level, followed by the highest level of the previous week and SMA10 (Simple Moving Average) daily;
$11,450 - 23.6% Fibo retracement monthly
Support levels
$10,250 - 38.2% Fibo retracement daily;
$10,000 - psychological level;
$9,900 - 61.8% Fibo retracement monthly;
$8,500 - the lower boundaries of Bollinger Bands on hourly and daily timeframes.
Author
Tanya Abrosimova
Independent Analyst
