Bitcoin Price Prediction: BTC/USD recovery extended after a move above $11,300 — Confluence detector

BTC/USD bulls pushed the price above the local resistance.
The next important target is created by the psychological barrier of $12,000.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) is trying to clear the local resistance of $11,300. The first digital asset has stayed mostly unchanged since the beginning of Wednesday and gained 1.5% after the sell-off towards $11,000 during early Asian hours. Bitcoin's market capitalization settled at $208 billion, while its average trading volume is $22.7 billion. The coin's market dominance settled at 60.4%, unchanged from this time on Tuesday.

BTC/USD 1-hour chart

On the intraday charts, BTC/USD jumped marginally above 1-hour SMA100 at $11,430. If the move is sustained, the recovery may be extended towards $11,500 (with the highest level of the current week located on approach). Once it is out of the way, the psychological $12,000 will come into focus. This barrier may slow down the bulls. On the downside, the local support comes at $11,250 (1-hour SMA50) and $11,000.

Bitcoin confluence levels

There are several important technical barriers below and above the current price. It means that BTC/USD may spend some time consolidating gains at the current levels; however, in the long-run, the trend stays bullish as long as the price is above $11,000. Let's have a closer look at the support and resistance levels.

Resistance levels

$11,440 – the highest level of the previous week and month, the upper line of the 1-hour Bollinger Band
$11,600 – 161.8% Fibo daily retracement
$12,000 – the upper line of the daily Bollinger Band, Pivot Point 1-week Resistance 1

Support levels

$11,250 – 1-hour SMA50, 4-hour SMA10, the middle line of the 4-hour Bollinger Band, 61.8% Fibo daily retracement
$11,000 – the lowest level of the previous day, 23.6% Fibo weekly retracement
$10,800 – Pivot Point 1-day Support 2