Tanya Abrosimova
Independent Analyst
- Bitcoin needs to settle above $10,000 for an extended recovery.
- The initial support is seen on approach to $9,700.
BTC/USD is hovering around $10,000 as the upside momentum has faded away. The first cryptocurrency touched an intraday high at $10,166, though quickly retreated due to the lack of follow-through and slow trading activity.
Bitcoin confluence levels
Despite some nice recovery on Wednesday, Bitcoin bulls are still indecisive. Strong technical barriers located above the current price cap the upside movement and discourage short-term buyers.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$10,100 - 23.6% Fibo retracement daily, 38.2% Fibo retracement weekly, the middle line of 1-hour Bollinger Band, the upper line of 15-min Bollinger Band, SMA100 (Simple Moving Average)1-hour;
$10,700 - psychological barrier, Pivot Point 1-week Resistance 3, 38.2% Fibo retracement monthly;
$10,900 - the highest level of the previous week, Pivot Point 1-day Resistance 3.
Support levels
$9,700 - 61.8% Fibo retracement daliy, 23.6% Fibo retracement weekly, SMA50 1-hour;
$9,600 - the middle line of 4-hour Bollinger Band, SMA50 4-hour, SMA200 1-hour;
$9,000 - psychological level, the lowest level of the previous week.
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