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27 November 2021
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Bitcoin

Bitcoin price prediction: BTC/USD has next to no barriers on tBtche way to the North – Bitcoin confluence

  • BTC/USD bulls pushed through critical resistance of $10,000.
  • The way to the upside is a path of the least resistance now.

Bitcoin (BTC) has been growing fast since the weekend. The first digital coin broke above $10,000 and after a short period of consolidation resumed the upside and hit the intraday high of $10,334. At the time of writing, BTC/USD is changing hands at $10,300, having gained over 6% in the recent 24 hours and 3.45% since the start of Monday. 

Bitcoin’s market dominance index recovered to 61.5% after a drop to 60.2% during the weekend. Currently, BTC/USD is moving within a strong bullish trend, the volatility is high.

BTC/USD 1-hour chart

On the intraday charts, BTC/USD stays above the upper line of the 1-hour Bollinger Band at $10,295, which now serves as a local support. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $10,000. This barrier served as a former resistance. Now it may slow down the bears and create a new bullish impulse.

Bitcoin confluence levels

There are several important technical barriers below the current price,  while the way to the upside is mostly clear. It means that BTC/USD is better positioned for further increase, provided that it stays above the psychological $10,000. Let’s have a closer look at the support and resistance levels.

Resistance levels

$10,400 –  Pivot Point 1-week Resistance 3, the highest level of the previous month
 $11,000 – Pivot Point 1- month Resistance 2
$11,400 –  161.8% Fibo Projection monthly

Support levels

$10,150 – Pivot Point 1-month Resistance 1, Pivot Point 1-day Resistance 1, the upper line of the 4-hour Bollinger Band
$10,000 – Pivot Point 1-week Resistance 2, the middle line of the 1-hour Bollinger Band
$9,800 – the upper line of the daily Bollinger Band, 1-hour SMA50, 61.8% Fibo retracement monthly
$9,500 – 1-hour SMA200, 4-hour SMA50, 38.2% Fibo retracement weekly

BTC/USD, 1-day

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