Bitcoin price prediction: BTC/USD recovery capped by $11,000  - Bitcoin confluence


  • BTC/USD consolidates below $11,000; the upside is limited at this stage.
  • The strong support awaits BTC bulls on approach to $10,600.

Bitcoin (BTC) has recovered from the recent low of $9,843 and attempted to move above $11,000. However, cluster of selling orders located on approach to the critical resistance pushed the price back to $10,750 by press time. BTC/USD has gained over 5% of its value since this time on Monday, but it is still trading 14% lower than a week ago.

Bitcoin confluence levels 

The area both below and above the current price is packed with strong technical levels, which means that we may spend some time in a range, consolidating losses incurred during the previous trading days. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.

Resistance levels

$10,850 - 23.6% Fibo retracement daily SMA50 (Simple Moving Average) on 15-min chart, Pivot Point 1-week Support 3.
$11,000 - psychological level, SMA100 1-hour, the highest level of the previous day;
$11,500 - SMA100 4-hour, 38.2% Fibo retracement monthly.

Support levels

$10,600 - the lower line of 15-min Bollinger Band, 38.2% Fibo retracement daily, SMA50 1-hour, SMA200 15-min;
$10,100 - the lower lines of 1-day and 1-hour Bollinger Band, Pivot Point 1-day Support 1
$9,800 - 61.8% Fibo retracement monthly, SMA50 daily.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from Sunday’s sell-off

The cryptocurrency market is recovering down during early Asian hours with Bitcoin and the vast majority of altcoins navigating the green zone. The total market capitalization has settled at $268.9 billion

More Cryptocurrencies News

ETH/USD recovers from Sunday's lows, upside momentum fades away

A move above $195.80 is needed to mitigate the bearish pressure. The significant support is created by a confluence of technical indicators below $186.00.

More Ethereum News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP