Bitcoin Price Analysis: BTC/USD bulls are desperate to get the price above $9,500 – Confluence Detector
- BTC/USD is growing inside the range, the critical resistance is still untouched.
- An important support is created by $9,300, the first resistance is at $9,500.
Bitcoin (BTC) has recovered above $9,400; however, the critical channel resistance remains unbroken. This level has been limiting Bitcoin's recovery for the most part of the previous week. The first digital asset touched the intraday low of $9,269 during early Asian hours but swiftly recovered to $9,450 by press time. While the upside momentum has stalled, BTC/USD is still moving within a short-term bullish trend amid expanding volatility.
The intraday RSI stays flat close to the overbought area. It means that the coin may have a hard time moving forward. However, the upside may be resumed after a short-term consolidation period.
BTC/USD daily chart
-637284252596658461.png)
Bitcoin confluence levels
There are a few technical barriers located both above and below the current price. However, the upside now looks like a path of least resistance. Let's have a closer look at the support and resistance levels.
Resistance levels
$9,500 – 4-hour SMA200, the highest level of the previous day, the upper boundary of the 4-hour Bollinger Band
$9,700 – Pivot Point 1-week Resistance 1, 23.6% Fibo monthly retracement
$10,000 – 161.8% Fibo weekly Projections
Support levels
$9,300 – 38.2% Fibo monthly and daily retracements, 23.6% Fibo daily retracement, 61.8% Fibo weekly retracement, 1-hour SMA50 and SMA100, the upper line of the 4-hour Bollinger band.
$9,200 – Pivot Point 1-day Support 2, 38.2% Fibo weekly retracement
$8,850 – 61.8% Fibo monthly retracement
BTC/USD, 1-day
Author
Tanya Abrosimova
Independent Analyst
