- BTC/USD consolidates above $11,000 after a strong sell-off.
- The strong support awaits BTC bulls on approach to $11,000.
Bitcoin (BTC) has recovered from the recent lows to trade at $11,550 by press time. However, the first digital asset is controlled by bears as a strong move below $12,000 handle worsened the short-term technical picture. From the longer-term perspective, the coin is moving within a wide range, consolidating gains after a strong upside movement from December 2018 lows.
Bitcoin confluence levels
There are a lot of important technical levels both above and below the current price, which means that we may spend some time in a range ahead of another upside wave. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
$11,600 – SMA100 (Simple Moving Average) on 4-hour chart, SMA10 daily, the middle line of 15-min Bollinger Band;
$12,000 – 23.6% Fibo retracement daily;
$12,350 – the middle line of 4-hour Bollinger Band, Pivot Point 1-week Resistance 1, 23.6% Fibo retracement monthly, 38.2% Fibo retracement daily.
$11,500 – the middle line of 1-day Bollinger Band, 38.2% Fibo retracement monthly;
$11,000 – psychological level;
$10,600 – 38.2% Fibo retracement weekly, Pivot Point 1-day Support 1.