Bitcoin price prediction: BTC/USD on the verge of a new breakout  - Bitcoin confluence

  • BTC/USD consolidates below $13,000, the upside is the path of least resistance.
  • The strong support awaits BTC bulls on approach to $11,400.

Bitcoin (BTC) is hovering marginally below $13,000 handle. An initial attempt to move above this level during early Asian hours proved to be unsuccessful; however, the coin retains a positive stance and another leg higher looks likely.

Bitcoin confluence levels 

At the time of writing, BTC/USD is changing hands at $12,956. Considering that the way to the South is packed with technical levels, the further upside looks like a path of least resistance at this stage. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.

Resistance levels

$13,200 - the upper line of Bollinger Band on 1-hour chart and Pivot Point 1-day Resistance 2;
$13,500 - Pivot Point 1-week Resistance 2;
$13,850 - tthe highest level of the previous month;
$14,000 - Pivot Point 1-month Resistance 1.

Support levels

$12,900 - the upper line of 1-day Bollinger Band, the middle line of 15-min Bollinger Band, a host of short-term SMA levels;
$12,400 - 23.6% Fibo retracement monthly;
$12,250 - Pivot Point 1-day Support 1;
$11,400 - 38.2% Fibo retracement monthly.

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