Bitcoin Price Analysis: BTC/USD capped by 1-hour SMA50 – Confluence Detector


  • Bitcoin is locked in a range with the upside limited by 1-hour SMA50.
  • The recovery above $9,000 is needed to improve the technical picture.

BTC/USD is changing hands at $8,820 as bullish attempts stop short of the local resistance created by the sloping 1-hour SMA50. The bulls forced this barrier during early Asian hours, but failed to hold the ground and retreated to the previous range. BTC has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday and the market struggles to figure out where to go next.

The intraday chart shows that the RSI stays flat in a neutral area with a mild bullish bias. It means that the coin may continue moving in a tight range below $9,000. 

BTC/USD 1-hour chart

Let’s have a closer look at support and resistance levels clustered around the current price.

Resistance levels

$8,800 – 1-hour SMA50
$9,000 - 23.6% Fibo retracement weekly, 1-hour SMA100, Pivot Point 1-day Resistance 1
$9,300 – a middle line of the daily Bollinger Band, 4-hour SMA40, 1-hour SMA200

Support levels

$8,700 - 23.6% Fibo retracement monthly, Pivot Point 1-day Support 1
$8,500 - the lower line of the daily Bollinger Band, Pivot Point 1-day Support 2
$8,200 – 38.2% Fibo retracement monthly
fxsoriginal

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto market bleeds after Bitcoin’s rejection at $52,000

The cryptocurrency market is still suffering from the impact of Bitcoin’s rejection of $52,000 for the second time in less than two weeks. Declines are likely to gain momentum, with BTC already trading under $50,000.

More Bitcoin News

Stellar future is decided by these two key levels

XLM has been under a massive consolidation period since the beginning of February and it’s on the verge of a colossal 45% move. The trading volume of Stellar has dropped significantly which indicates that it is ready for the next transition.

More Stellar Lumens News

SushiSwap becomes a multi-chain while SUSHI price aims for new all-time highs

In the past two weeks, the search for alternatives to the Ethereum network has been intensive as gas fees have made it impossible for some users to interact with certain ERC-tokens.

More Sushi News

Bancor Protocol price hints at a 35% bull rally as total value locked exceeds $1 billion

Bancor became the 13th DeFi platform to join the “four comma club,” a common moniker given to projects whose total value locked (TVL) hits $1 billion or more.

More Bancor News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP