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
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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
$8,500 - the lower line of the daily Bollinger Band, Pivot Point 1-day Support 2
$8,200 – 38.2% Fibo retracement monthly
Author
Tanya Abrosimova
Independent Analyst
