Bitcoin price prediction: BTC/USD controlled by bears - Bitcoin confluence
|- BTC/USD consolidates below $9,400; the downside is the path of least resistance.
- The initial support awaits BTC bulls on approach to $9,000.
Bitcoin (BTC) is hovering under $9,400 handle, as bears control the market. The first digital currency has been decreasing ever since it reached the top at $13,862 on June 26; however, a sustainable move below $10,000 bodes ill for Bitcoin bulls.
BTC/USD has lost over 12% of its value since this time on Tuesday and stayed unchanged since the beginning of Wednesday.
Bitcoin confluence levels
The area above the current price contains some strong technical levels that may serve as formidable barriers sand limit the recovery attempts. The way to the South looks like the path of least resistance at this stage. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$9,400 - the lower line of 4-hour Bollinger Band, the lower line of 15-min Bollinger Band;
$9,600 - 161.8% Fibo retracement weekly.
$10,000 - psychological level, 61.8% Fibo retracement monthly, SMA50 (Simple Moving Average) daily.
Support levels
$9,000 - psychological level;
$8,800 - Pivot Point 1-day Support 1;
$8,500 - Pivot Point 1-week Support 3;
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.