Bitcoin price prediction: BTC/USD movement restricted in this narrow range – Confluence Detector
|- Bitcoin is stagnant in the narrow range between $9,418 and $9,225.
- Speculation of Bitcoin retuning above $10,000 has cooled down but Bitcoin continues to show potential.
Bitcoin bulls lost touch with the bullish trend following the rejection at $9,500. Because of this, the target has shifted towards $9,000. Besides, the tentative support at $9,300 has also given in to the selling pressure. Bitcoin is now exchanging hands at $9,240 after losing 1.8% on the day.
According to the confluence detector, Bitcoin is trading within a narrow range. The upside is currently limited at $9,418. The resistance is host to a variety of indicators including the previous high one-hour, the 61.8% Fibonacci one-day, the Bollinger Band 15-mins middle curve, the Simple Moving Average (SMA) five four-hour, SMA ten four-hour and SMA 5 one-hour.
The narrow range support is $9,225 and is characterized by the 23.6% Fibo one-day, pivot point one-week R1 and previous low 15-mins among others.
In the event, Bitcoin blasts above the range limit in the coming sessions, it will be a smooth ride until it hits the resistance at $9,708. The speculation of Bitcoin trading above $10,000 has died down, however, in case it does a significant hurdle is placed at $10,286.
As far key support is concerned, the zone to keep in mind is $9,033. This is the strongest support area where the Fibonacci 38.2% one-month and the SMA 200 one-day converge.
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.