Bitcoin Price Prediction: BTC/USD eyes a weekend bullish breakout if it tops resistance – Confluence Detector
- Bitcoin has extended its recovery above $11,000 but is still constrained within narrow ranges.
- BTC/USD needs to break one critical resistance line to unleash the upside
- Here are the next levels to watch according to the Confluence Detector.
The granddaddy of cryptocurrencies is moving like a grandfather – slowly and surely. After it dropped below $10,000 earlier this week, Bitcoin is recovering steadily. There lack of substantial news – whether positive or negative – is contributing to the calm uptrend.
What can turn the cryptocurrency's crawl into a bullish rally? Critical resistance may separate BTC/USD from an uproar. Several of the previous weekends have enjoyed monumental surges. Will the first weekend of July be similar?
What are the next levels to watch?
This is what the Crypto Confluence Detector shows in its latest update:
Bitcoin faces a crucial cap at $11,432 which is the convergence of the Simple Moving Average 200-1h, the Fibonacci 38.2% one-week, and the Bollinger Band 15min-Upper.
If it breaks above this level, BTC/USD may slow down only at $12,200 which is where the Bollinger Band 1h-Upper meets the price.
More significant resistance awaits at $12,378 which is the confluence of the Fibonacci 23.6% one-month and the Pivot Point one-day Resistance 2. Nevertheless, these resistance lines are weaker than the original cap.
Looking down, support awaits at $11,077 where we see the SMA 100-1h, the previous one-day low, and the SMA 10-4h converge.
The next cushion is at $10,722 which is the meeting point of the SMA 100-4h and the PP 1d-S1.
See all the cryptocurrency technical levels.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
