Bitcoin price prediction: BTC/USD bounced from the support level – Confluence Detector
|- BTC/USD has recovered from the intraday low.
- The short-term consolidation may continue in the nearest future.
BTC/USD reached the bottom at $9,129 on Thursday and recovered to $9,200 by press time. Despite the recovery, BTC/USD is trading with 1.5% losses both on a day-to-day basis and since the beginning of the day.
Bitcoin confluence levels
Looking technically, there are quite a few important barriers clustered above the current price, which means that BTC/USD may have a hard time on its quest to the North. The retreat looks like a path of least resistance at this stage, though we will need to see a sustainable move below $9,000 for the sell-off to gain traction.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$9,250 - 38.2% Fibo retracement monthly, the lowest level of the previous day, SMA50 (Simple Moving Average) 4-hour, SMA200 1-hour
$9,300 - SMA100, SMA50 1-hour, 61.8% Fibo retracement daily and weekly, the middle line of 4-hour Bollinger Band
$9,750 - 23.6% Fibo retracement weekly and monthly
Support levels
$9,150 - the lower lines of 4-hour and 1-hour Bollinger Bands, Pivot Point 1-day Support 2, 161.8% Fibo projection daily
$9,000 - the lowest level of the previous week
$8,550 - SMA200 4-hour, 61.8% Fibo retracement monthly.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.