Bitcoin price prediction: BTC/USD jammed between support and resistance levels — Bitcoin confluence
- BTC/USD bulls hit the pause button after the price settled above $9,500.
- The next local resistance is created by $9,800 with the ultimate focus on $10,000.
Bitcoin (BTC) resumed the recovery after a short-lived sell-off below $9,500 attempt. At the time of writing, BTC/USD is changing hands at $9,540, down nearly 1% since the beginning of the day and unchanged on a day-to-day basis. The first digital coin has been drifting lower since the start of the day due to the worsened market sentiments caused by growing geopolitical tensions and economic uncertainty. Currently, BTC/USD is moving within a short-term bearish trend, the volatility is shrinking.
BTC/USD 1-hour chart
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On the intraday charts, BTC/USD is moving towards the middle line of the 1-hour Bollinger Band that may serve as a local resistance area. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,600 and the recent recovery high of $9,682. From the longer-term point of view, BTC needs to clear $10,000 to confirm the bullish scenario
Bitcoin confluence levels
There are a few technical barriers clustered above and below the current price, which means BTC/USD may spend some time in a narrow range before the further direction is clarified. Let’s have a closer look at the support and resistance levels.
Resistance levels
$9,600 — the middle line of the 1-hour, 38.2% Fibo retracement daily, 161.8% Fibo projection weekly, the highest level of the previous 4-hour timeframe.
$9,800 — 61.8% Fibo retracement monthly, Pivot Point 1-day Resistance 2
$10,000 — Pivot Point 1-month Resistance 1
Support levels
$9,500 — the lower line of the 1-hour Bollinger Band, 1-hour SMA50, the lowest level of the previous day
$8,350 — Pivot Point 1-day Support 2, 1-hour SMA100, daily SMA50
$9,000 — the lower line of the daily Bollinger Band, daily SMA100
BTC/USD, 1-day
Author
Tanya Abrosimova
Independent Analyst
