- 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
-637033565956745231.png)
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.
Share
