Bitcoin price prediction: BTC/USD bulls snatch back the initiative  - Bitcoin confluence

  • BTC/USD is recovering from the recent lows.
  • The critical resistance is seen on approach to $10,500.

Bitcoin (BTC) has bottomed out at $9,894 on Wednesday and recovered above $10,300 during early American hours. While there are no clear reasons for the upside movement, the recovery may be triggered by technical and speculative factors as an inability to move below $10,000 discouraged short-term sellers.

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Bitcoin confluence levels 

There are quite a number of technical levels both above and below the current price, which means Bitcoin might have hard time moving forward. However, once we clear a critical resistance level on approach to $10,500 the upside will gain traction. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$10,300 - SMA100 (Simple Moving Average) daily chart, SMA5 daily, the upper line of 15-min Bollinger Band.
$10,500 - SMA50 daily, 38.2% Fibo retracement weekly, the upper line of four-hour Bollinger Band;
$11,000 - Pivot point one-week Resistance 1.

Support levels

$10,150 - SMA100 four-hour, SMA5 four hour, SMA10 four-hour, SMA50 one-hour, the middle line of one-hour Bollinger Band, 38.2% Fibo retracement daily;
$10,000 - 23.6% Fibo retracement monthly, 61.8% Fibo retracement weekly;
$9,500 - Pivot point one-day Support 1.

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