Bitcoin price prediction: BTC/USD takes a breather above $9,200 - Bitcoin confluence
|- BTC/USD managed to settle above critical $9,200 after a steady growth on Monday.
- The next critical resistance awaits BTC bulls at $9,500.
Bitcoin (BTC) has settled above $9,200, off the recent high $9,474 reached on the back of a strong rally on Monday. While the first digital currency is sidelined during early Asian hours, the upside may be resumed once the European session kicks in. The overall trend remains bullish as long as it stays above $9,000.
Bitcoin confluence levels
There are a lot of technical levels clustered around the current price, which means that the coin is vulnerable to consolidation pattern. While some range-bound trading looks likely at this stage, a move in either direction will create a strong momentum.
Resistance levels
$9,380-$9,400 - the upper line of 1-hour Bollinger Band, the upper line of 15-min Bollinger Band, 38.2% Fibo retracement daily, a host of Simple Moving Averages (SMA).
$9,500 - upper line of 4-hour Bollinger Band, with the highest level of the previous day on approach, Pivot Point 1-week Resistance 2
$10,000 - Pivot Point 1-month Resistance 1, Pivot Point 1-day Resistance 3.
Support levels
$9,200 - SMA50 on the 1-hour timeframe, SMA10 on 4-hour chart, SMA200 15-min.
$9,100 - Pivot Point 1-week Resistance 1, the highest level of the previous month.
$8,600 - 161.8% Fibo projection.
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