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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crossroads in the war for dominance

At the beginning of the day, the crypto market is awaiting the resolution of two critical technical events for the development of prices in the short and medium-term.

More Bitcoin News

XRP/USD bounces off $0.20 only to run into trendline resistance

Ripple has started to nurture a consolidative move between $0.20 support and $0.21 resistance. Earlier this week, the price spiked above $0.215 but failed to overcome the resistance at the descending trendline. 

More Ripple News

Cardano Market Analysis: ADA/USD rushes to the North as Shelly update looms

The price of Cardano (ADA) has been on fire. The price increased from $0.4950 on May 21 to $0.0889 by press time. Moreover, the coin tested $0.0900 during early Asian hours, which is the highest level since June 28, 2019. 

More Cardano News

LTC/USD resumes the recovery after sell-off, $48.00 in focus

Litecoin (LTC) attempted a recovery above $48.00 during early Asian hours on Thursday, but failed to hold the ground and dropped to as low as $46.26 (intraday low).

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP