- 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.
$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
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.