Bitcoin Price Prediction: BTC/USD ready to skyrocket once it breaks above resistance at 11,464 – Confluence Detector

Bitcoin has extended its recovery and feels comfortable above $11,000.
BTC/USD faces several clusters of resistance lines on the way up.
Here are the next levels to watch according to the Confluence Detector.

Yohay Elam FXStreet

Gin Chao, the Chief Executive Officer at Binance, has said that BTC/USD will hit $100,000 by the end of the year and will hold up within a high range.

$100K for Bitcoin? That may take some time. In the shorter term, the granddaddy of cryptocurrencies has extended its recovery after dipping below $10,000 and is feeling comfortable above $11,000. It still faces a significant line of resistance before the bulls are unleashed.

What are the next levels to watch?

This is what the Crypto Confluence Detector shows in its latest update:

Bitcoin July 3 2019 levels technical confluence

Bitcoin faces fierce resistance at $11,464 which is the convergence of the Fibonacci 38.2% one-week, the previous 4h-high, and the Bollinger Band 15min-Upper.

If the king of cryptos breaches this level, the next target is $12,350 where the Fibonacci 23.6% one-month meets the price.

BTC/USD has support at $10,710 where two Simple Moving Averages meet – the 10-4h and the 100-4h.

The next cushion to the downside is close. At $10,450 we see the confluence of the Pivot Point one-week S1 and the Fibonacci 38.2% one-day.

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.

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