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Bitcoin price prediction: BTC/USD hibernates under $12,000  - Bitcoin confluence

  • BTC/USD is hovering below $12,000 amid range-bound trading on Friday.
  • The next critical resistance awaits BTC bulls at $12,500.
Bitcoin price prediction: BTC/USD hibernates under $12,000  - Bitcoin confluence
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) has been range-bound during early Asian hours as the market cannot decide where to go next. The upside momentum has faded away on an unsuccessful attempt to break above $12,000, which creates downside risks for the coin ahead of the weekend.

Bitcoin confluence levels

There are some strong technical levels both above and below the current price, which confirms the range-bound theory. However, considering a highly volatile market, another wild move in either direction should not be excluded. 

Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$11,900 - 61.8% Fibo retracement daily, SMA50 (Simple Moving Average) 15-min, SMA10 4-hour;

$12,000 - psychological level, the upper line of 1-hour Bollinger Band

$12,500 - Pivot Point 1-month Resistance 1

Support levels

$11,700 - 61.8% Fibo retracement monthly, SMA5 daily.

$11,100- $11,00 - Pivot Point 1-week Resistance 1;

$10,700 - 38.2% Fibo retracement monthly.

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Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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