- Bitcoin is facing the toughest barrier at $9,216 which if broken could see it approach $9,500 much faster.
- BTC/USD is hanging at the edge of a cliff with very little support to hold onto.
The digital assets’ market is painted green on Tuesday. The Asian session has been characterized by bullish advancement for most cryptocurrencies including Bitcoin. IOTA leads the recovery with gains crossing the 5% mark on the day. Other cryptoassets doing relatively well include Bitcoin Cash and Monero.
BTC/USD is dancing at $9,180 after a 0.20% growth on the day. The trend is mainly in the hands of the bulls but low volatility is keeping rapid gains at bay. Over the last two days, Bitcoin has held its position above $9,100 support. However, movements above $9,200 have greatly been limited.
According to the confluence detector tool BTC is moving towards a tough resistance highlighted at $9,219. This zone holds a cluster of indicators including the Bollinger Band 1-hour middle curve, the previous high 15-minutes, the Bollinger Band 15-mins middle curve, the SMA ten 1-hour and the 100 SMA 15-minutes.
Following a breaking above the first key resistance, Bitcoin bulls are likely to have a smooth ride towards $9,500. However, the journey eyeing $10,000 will have to brace for more hurdles at $9,506 as shown by the pivot point one-week resistance two. There will also be a struggle at $9,887 as the price closes in on $10,000.
On the downside, Bitcoin seems to be hanging in the balance with very little support. This means that bulls must work hard to pull the price above the first resistance so as to avert potential losses under $9,000.
Meanwhile, the initial support is seen at $9,124 and is highlighted by the pivot point one-day support two, the Fibonacci 23.6%b one-week, the Bollinger Band 4-hour lower curve and the pivot point one-day support one. The remaining support areas are weak and likely to give in to selling pressure; they include $9,029, $8,933 and $8,838.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.