Tanya Abrosimova
Independent Analyst
- BTC/USD bulls struggle to push the price through major resistance
- The first local support is created by a $11,500 handle.
Bitcoin (BTC) has been range-bound below $12,000 since the previous week. A cluster of technical barriers discourages speculative traders, many of whom are disappointed by the fake breakthrough. At the time of writing, BTC/USD is changing hands at $11,635, having recovered from the intraday low of $11,516. The coin is mostly unchanged both on a day-to-day basis and since the beginning of the day.
BTC/USD daily chart
On the intraday charts, the local resistance is created by a combination of 1-hour SMA50 and the middle line of the 1-hour Bollinger Band at $11,700. Once it is out of the way, the upside is likely to gain traction with the next focus on $11,900. This area is reinforced by 1-hour SMA200, also, it stopped the recovery on Monday, August 24; a sustainable move above this area will open up the way to the psychological $12,000. On the downside, the first support comes at the intraday low of $11,500.
-637339509107225548.png)
Bitcoin confluence levels
The vast majority of technical barriers are clustered above the current price, on approach to $12,000. It means that Bitcoin bulls might have a tough time moving upwards. Meanwhile, the way to the South now looks like the path of the least resistance. Let’s have a closer look at support and resistance levels for BTC/USD.
Resistance levels
$11,800 — 4-hour SMA100, the middle line of the daily Bollinger Band, 38.2% Fibo retracement daily, 23.6% Fibo retracement daily and weekly
$11,900 — 4-hour SMA200, the upper line of the 4-hour Bollinger Band and the 1-hour Bollinger Band
$12,100 — the upper line of the daily Bollinger Band, 61.8% Fibo retracement weekly
$12,500 — the highest level of the previous week
Support levels
$11,500 — 161.8% Fibo projections daily, the lower line of the 4-hour Bollinger Band, the lowest level of the previous week, the highest level of the previous month
$11,200 — Pivot Point 1-week Support 1
$10,800 — Pivot Point 1-week Support 2, 23.6% Fibo retracement monthly
BTC/USD, 1-day
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.