Bitcoin Price Prediction: BTC/USD drifts to the lower boundary of the range - Bitcoin confluence

BTC/USD remains directionless, oscillates in a tight range
An important resistanceis created by $9,500, the support comes at $9,000.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) has recovered above $9,300; however the pric is still locked inside the range a tight range on Sunday. The first digital asset touched the intraday high of $9,418 during early Asian hours, but retreated to $9,370 by press time. While the uspide momentum has resumed, BTC/USD is still capped bu a strong resistance created by upper boundary of the recent consoludation channel at $9,550. A sustainable move above this barrier is needed for the recovery to gain traction.

The daily RSI remails flat and stays on the neutral territory. It means that the coin may be sidelined in a range during the nearest trading sessions. The intraday charts support the sideway trading with bearis bias.

BTC/USD daily chart

Bitcoin confluence levels

There are a some strong technical barriers clustered both above and below the current price. However, the downside now looks like a path of least resistance. Let's have a closer look at the support and resistance levels.

Resistance levels

$9,500 - 1-hour SMA200, 4-hour nd daily SMA50, the highest level of the previous day, the upper bounddary of the 1-hour Bollinger Band.

$9,100 - Pivot Poitn 1-week Resistance 1

$10,000 -161.8% Fibo Projections weekly, the upper boundary of the daily Bollinger Band

Support levels

$9,300 - 38.2% Fibo retracement daily and monthly, short-term SMAs

$9,000 - Pivot Point 1-day Support 3, Pivot Poitn 1-week Support 1

$8,850 - 61.8% Fibo retracement monthly.

BTC/USD, 1-day

Author

Tanya Abrosimova

Independent Analyst

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Bitcoin Price Prediction: BTC/USD drifts to the lower boundary of the range - Bitcoin confluence