Bitcoin Price Analysis: BTC/USD targets $9,000 after a dull day – Confluence Detector
- BTC/USD targets $9,000, but the upside momentum is slow.
- The local support is created by 1-hour SMA50 at $8,700.
Bitcoin price has recovered from the intraday low of $8,534 to trade at $8,920 at the time of writing. The coin used 1-hour SMA50 as a jumping-off ground to develop a correction though it is still below critical $9 000. Once it is cleared, the recovery may be extended towards $9,150 guarded by 1-hour SMA100 and SMA200.
While the short-term momentum remains bullish, the RSI on the intraday charts has reversed to the downside, which means, the coin may stay range-bound in the nearest future.
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
$9,150 –61.8% Fibo retracement weekly, Pivot Point 1-Day Resistance 1, 1-hour SMA100
$9,500 – 38.2% Fibo retracement weekly, the highest level of the previous week
$10,000 – psychological level, Pivot Point 1-month Resistance 1
Support levels
$8,700 – the middle line of the 1-hour Bollinger Band, 1-hour SMA50, 23.6% Fibo retracement monthly
$8,500 - the lower line of the 1-hour Bollinger Band, the middle line of the daily Bollinger Band, 38.2% Fibo retracement daily
$8,100 – the lowest level of the previous day.
Author
Tanya Abrosimova
Independent Analyst
