Bitcoin price prediction: BTC/USD range-bound before another assault at $12,000 – Bitcoin confluence

Bitcoin price prediction: BTC/USD range-bound before another assault at $12,000 – Bitcoin confluence

Monday, July 8, 2019, 2:38 AM
  • BTC/USD consolidates above $11,000, the upside is the path of least resistance.
  • The strong support awaits BTC bulls on approach to $11,400.

Bitcoin (BTC) has been sitting in a tight range recently as market players are waiting for fresh catalysts to resume the upside. It is not clear if the downside correction after a strong bull’s run is over, though the fact that BTC has settled above $11,000 may signal that the downside potential is exhausted.

Bitcoin confluence levels

At the time of writing, BTC/USD is changing hands at $11,456. Considering a lot of technical levels clustered below the current price, BTC/USD bulls will find it easier to push the price higher towards the next critical resistance at $12,000. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$11,700 – the upper line of Bollinger Band on 4-hour chart and Pivot Point 1-day Resistance 1;
$12,000 – Pivot Point 1-day Resistance 2;
$12,225 – Pivot Point 1-day Resistance 3, the highest level of the previous week.

Support levels

$11,400 – 38.2% Fibo retracement monthly, 38.2% Fibo retracement daily, the middle line of 1-hour Bollinger Band, the middle line of 15-min Bollinger Band, a host of short-term SMA levels;
$11,000 – the middle line of 1-day Bollinger Band, the lower line of 4-hour Bollinger Band;
$10,650 – Pivot Point 1-day Support 3.

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