Rajarshi Mitra
Independent Analyst
- BTC/USD went up from $9,600 to $9,697 in the early hours of Wednesday.
- Daily confluence detector shows two prominent support levels.
BTC/USD went up from $9,600 to $9,697 in the early hours of Wednesday, stringing along two bullish days in a row. The hourly breakdown shows that BTC/USD attempted to breach $9,700 before, but it met resistance and fell to $9,540. The bulls gained momentum and again went up to the $9,700. If the bulls continue to have a hold on the market, they can re-enter the $10,000 zone.
BTC/USD daily confluence detector
There is a prominent resistance level at $9,900, which has the monthly Fibonacci 61.8% retracement level. On the downside, the two healthiest support levels are at $9,525 and $9,600. The $9,525 level has a confluence of 4-hour Bollinger band middle curve, 4-hour previous low, 15-min Bollinger band lower curve, 10-day simple moving average (SMA 10) and daily Fibonacci 61.8% retracement level. The $9,600 level has the SMA 5 and SMA 100 curves.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?