Bitcoin price prediction – BTC/USD key hurdles in the rearview ahead of the weekend-Bitcoin Confluence

 

• Bitcoin seems to be stuck in a range between $10,800 (range limit) and $10,400 (range support).

• A clear path exists between the immediate resistance ($10,791) and the next hurdle at $11,572.67.

Bitcoin bears pressed down on key support areas following the rejection around $10,800 but the buyers managed to keep the price above $10,500. Besides, Bitcoin seems to be stuck in range between $10,800 (range limit) and $10,400 (range support). A breakout is likely to take place ahead of the weekend session towards the coveted psychological level at $11,000.

 

BTC/USD 1-hour chart

As far as the confluence levels are concerned Bitcoin has pulled above the strongest resistance zones. In other words, the path of least resistance is to the upside in the short-term. Glancing upwards, $10,791 is the first hurdle. The various technical levels at the zone include SMA 10 15-mins, Previous High 15-mins, previous high 1-hour, Bollinger Band 4-h upper and the Bollinger Band 15-mins Upper.

A clear path exists between the immediate resistance and the next hurdle at $11,572.67. Highlighting this resistance area is the Fibonacci 161.8% 1-week and Pivot Point 1-month R1.

To the downside, immense support exists starting with $10,679: SMA 5 1-hour, Previous Low 1-h, Bollinger Band 15-mins Middle, Previous High 4-hour, BB 1-hour upper, previous low 15-mins and SMA 5 15-mins. The most significant support is the one at $10,567 while $10,456 and $10,121 will come in handy to give the bulls a breather in the event declines extend extensively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John Isige  FXStreet

David