Bitcoin price prediction: BTC/USD recovery dries up - Bitcoin confluence
|- BTC/USD is hovering around $10,300 amid range-bound ahead of the European opening.
- The next critical resistance awaits BTC bulls at $10,700.
Bitcoin (BTC) has entered a rangebound phase after a strong growth during early Asian hours. The first digital currency hit $10,668 amid notable anti-risk sentiments caused by the US-China trade war escalation. However, the upside proved to be unsustainable so far as the price failed to clear a technical barrier created on approach to $10,700.
Bitcoin confluence levels
There are some strong technical levels both above and below the current price, which means the coin may spend some time in a range, waiting for new catalysts. However, considering highly volatile markets and flight to safety, another sharp move in either direction should not be excluded.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$10,400 - SMA10 (Simple Moving Average) 1-day, SMA5 15-min, SMA5 1-hour, the middle line of 15-min Bollinger Band.
$10,700 - psychological level, 23.6% Fibo retracement weekly, SMA50 daily, the highest level of the previous 4 hours.
$10,900 - Pivot Point 1-day Resistance 3, the middle line of 4-day Bollinger Band.
Support levels
$10,150 - the middle lines of 4-hour and 1-hour Bollinger Bands, 61.8% Fibo retracement levels on daily and weekly timeframes, SMA5 daily
$10,000- $9,950 - SMA100 daily, the lower line of 4-hour Bollinger Band
$9,800 - Pivot Point 1-week Support 1, the lowest level of the previous week.
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