Bitcoin price prediction: Why $9,600 must be brought down for BTC/USD rise to $10,000? – Confluence Detector
|- Bitcoin forms a narrow range within a wider range making recovery a hard nut to crack.
- The limited support means that declines will have far-reaching effects.
- The most prominent resistance at $9,353 must be broken for gains towards $10,000.
The mundane trading activity is still at its best even as the week’s trading nears its end. Bitcoin is still trading within a wide range between $9,000 and $9,600. Moreover, the trend in the last two days has seen the crypto form a new narrow range between the wider range, $9,300 - $9,500. Meanwhile, the prevailing trend has an inclination towards the lower range limits leaving levels towards $9,600 in bearish dominance.
Bitcoin price confluence levels
Resistance and support levels are important indicators for traders as well as investors. FXStreet’s Confluence Detector tool assists in grouping indicators that form solid resistance and support zones. For instance, Bitcoin is trading at $9,297 after correcting from an intraday high of $9,353. Advances made above $9,300 will come face to face with acute selling resistance at $9,353. This is the most prominent resistance zone and is home to the previous high 15-minutes, previous high 1-hour, Bollinger Band 4-hour middle, SMA 50 1-hour BB 15-mins upper and Fibo 38.2% 1-day among others.
If the bulls manage to clear this level before the weekend, then we are looking at Bitcoin trading above $9,740 (next resistance target) before Monday next week.
On the other hand, initial support is highlighted at $9,256. The indicators converging here are the SMA 50 4-hour, pivot point one-day support one, SMA 200 1-hour and previous low one-day. Bitcoin has limited support areas, therefore focus should be put on scaling the levels towards $10,000.
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.