Bitcoin price prediction: BTC/USD danger looms after rejection at $11,000 – Confluence Detector


  • The biggest task is to sustain gains towards $11,000 which starts by defending the short-term support at $10,600.
  • The failure to defend $10,600 tentative support could open a can of worms as Bitcoin lacks formidable support levels.

Bitcoin is back in the red after a few days of recording a winning streak. The upward correction followed last week-bottom price at $9,469. For now, the biggest task is to sustain gains towards $11,000 which starts by defending the short-term support at $10,600.

Elsewhere, the founder of Mobius Capital Partners LLP, Mark Mobius while speaking in an interview with Bloomberg TV bashed Bitcoin and other cryptocurrencies referring to them as “psycho currencies.” He outrightly gave gold a buy rating at any level saying that that it has the potential to correct higher. He added that the rise of Bitcoin and other digital currencies will push investors to the ‘real’ assets such as gold.

Bitcoin confluence levels

fxsoriginal

Bitcoin is faced with tough decisions in the coming sessions. A break above the short-term resistance at $10,697 will allow for an assault at $10,808 (critical resistance). Several indicators converging at $10,697 hurdle include the 38.2% Fibonacci 1-Month, SMA 10 15-mins, Previous high 15-mins, SMA 5 15-mins, SMA 10 4-hour and Bollinger Band 15-mins upper

At the same time, the indicators making $10,808 a hard nut to crack range from SMA 10 1-hour, BB 1-hour middle, SMA 50 15-mins, 61.8% Fibo weekly, 23.6% 1-day and the 50 SMA 1-day among others.

On the downside, the failure to defend $10,600 tentative support could open a can of worms as Bitcoin lacks formidable support levels. The next support target is seen at $10,476 and is highlighted by the SMA 5 daily and the SMA 100 1-hour. In the event this zone caves in, a possible rescue is seen in a range between $10,003 and $10,144 – Pivot Point 1-day S2, 23.6% Fibonacci 1-month and the BB 4-hour lower.

 

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD mundane trading could pave the way for gains towards $11,000

Bitcoin has not been able to make headway since it tested the resistance at $10,400 and failed to sustain gains towards $11,000 last week. The price has been inclined to the downside with $10,000 being the biggest support contender.

More Bitcoin News

Ethereum price analysis: ETH/USD massive retreat now targets $200

Ethereum, Ripple, Litecoin and Bitcoin Cash sprung up in bullish motion. Ethereum, for example, corrected above the stubborn resistance at $180, $190, $200 and $210. The bullish leg also touched $217.80 but left $220 untested.

More Ethereum News

NEO price analysis: NEO/USD retreats from intraday high, upside momentum recedes

NEO is performing strongly on Wednesday. The 20th largest digital asset with the current market value of $69 million gained over 7% both on a day-on-day basis and moved nearly 3% higher since the beginning of the day.  At the time of writing, NEO/USD is changing hands at $9.80, off the intraday high of $9.87. 

More NEO News

TRON market update: TRX/USD tests DMA50 for the first time since July

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. 

More Tron News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP