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Bitcoin price prediction: BTC/USD faces the brick wall at $11,500  - Bitcoin confluence

  • BTC/USD is hovering above $11,000 amid the recovery pattern.
  • The next critical support awaits BTC bulls on approach to $11,500.
Bitcoin price prediction: BTC/USD faces the brick wall at $11,500  - Bitcoin confluence
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) recovered from the recent lows and settled well below $11,000 handle; however, the bull bumped into a brick wall on the approach to $11,500 as the upside momentum has faded away. The first digital coin has gained nearly 10% in recent 24 hours, breaking-off four-day long decline.

Bitcoin confluence levels 

At the time of writing, BTC/USD is changing hands at $11,250. Despite the recovery from the recent low of $9,657, the bulls failed to take the price above $11,500 handle. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.

Resistance levels

$11,300 - Pivot Point 1-day Resistance 1 SMA5 (Simple Moving Average) daily, SMA10 1-hour.
$11,450 - 38.2% Fibo retracement monthly, SMA10 daily.
$11,700 -  61.8% Fibo retracement weekly, the upper line of 15-min Bollinger Band.

Support levels

$10,750 - SMA100 15-min.
$10,300 - the lowest level of the previous week, the middle line of 1-day Bollinger Band.
$9,900 - 61.8% Fibo retracement monthly.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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