Bitcoin Price Analysis: BTC/USD locked in a tight range, breakthrough is imminent – Confluence Detector
- BTC/USD is range-m=bound with a bearish bias on Tuesday.
- The strong support is created on approach to $9,300.
Bitcoin (BTC) has been locked in a tight range between $9,800 and $9,400 since Monday. At the time of writing, BTC/USD is changing hands below $9,700, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. On the intraday charts, BTC is supported by 1-hour SMA100 (currently at $9,600), while the resistance is created by 1-hour SMA50 on approach to $9,800. The ultimate bullish target is created by a psychological $10,000.
The short-term momentum remains bearish, with the RSI on the intraday charts reversed to the downside, which means, the coin may continue the moving inside the range.
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
$9,800 – 38.2% Fibo retracement daily
$9,950-$10,000 – the highest level of the previous week, the upper line of the 4-hour Bollinger Band, Pivot Point 1-month Resistance 1, Pivot Point 1-day Resistance 1
$10,160 – Pivot Point 1-week Resistance 1
$10,500 – Pivot Point 1-day Resistance 3
Support levels
$9,500 – the highest level of the previous month, Pivot Point 1-day Support 1
$9,300 – 61.8% Fibo retracement weekly, Pivot Point 1-day Support 2, the middle line of the daily Bollinger Band
$9,000 – Pivot Point 1-day Support 3.
Author
Tanya Abrosimova
Independent Analyst
