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.
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 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.
