Bitcoin price prediction: BTC/USD trapped in a tight range - Bitcoin confluence
|- BTC/USD is sitting in a tight range mostly unchanged since the beginning of the day.
- The critical resistance is seen on approach to $9,900.
Bitcoin (BTC) has been locked in a tight range after a failed attempt to settle above $9,600 handle on Friday. At the time of writing, BTC/USD is changing hands at $9,594, mostly unchanged since the beginning of the day and on a day-on-day basis. The lower boundary fo the short-term range is limited by SMA50 (Simple Moving Average) 1-hour at $9,550, while the resistance is capped by the upper line of 1-hour Bollinger Band at $9.630.
Bitcoin confluence levels
There are strong technical levels located on both sides from the current price, which means that the coin may stay in the range in the nearest future. Low volatility and slow trading activity create perfect range-bound conditions. However, a breakthrough in either direction may result in a violent movement.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$9,630 - the middle lines of 4-hour and 15-min Bollinger Bands, 23.6% Fibo retracement daily, SMA10 (Simple Moving Average) 1-hour, SMA50, SMA10 and SMA5 on 15-min chart.$10,100 - SMA100 (Simple Moving Average) daily, SMA40 4-hour, SMA200 1-hour, 23.6% Fibo retracement monthly.
$9,900 - 32.8% Fibo retracement weekly, SMA5 daily;
$10,100 - SMA100 (Simple Moving Average) daily, 23.6% Fibo retracement monthly.
Support levels
$9,350 - the lowest level of the previous day, the lower line of 1-day Bollinger Band;
$9,100 - Pivot Point 1-week Support 1, the lowest level of the previous month;
$8,400 - Pivot Point 1-month Support 1.
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