- Bitcoin is stagnant in the narrow range between $9,418 and $9,225.
- Speculation of Bitcoin retuning above $10,000 has cooled down but Bitcoin continues to show potential.
Bitcoin bulls lost touch with the bullish trend following the rejection at $9,500. Because of this, the target has shifted towards $9,000. Besides, the tentative support at $9,300 has also given in to the selling pressure. Bitcoin is now exchanging hands at $9,240 after losing 1.8% on the day.
According to the confluence detector, Bitcoin is trading within a narrow range. The upside is currently limited at $9,418. The resistance is host to a variety of indicators including the previous high one-hour, the 61.8% Fibonacci one-day, the Bollinger Band 15-mins middle curve, the Simple Moving Average (SMA) five four-hour, SMA ten four-hour and SMA 5 one-hour.
The narrow range support is $9,225 and is characterized by the 23.6% Fibo one-day, pivot point one-week R1 and previous low 15-mins among others.
In the event, Bitcoin blasts above the range limit in the coming sessions, it will be a smooth ride until it hits the resistance at $9,708. The speculation of Bitcoin trading above $10,000 has died down, however, in case it does a significant hurdle is placed at $10,286.
As far key support is concerned, the zone to keep in mind is $9,033. This is the strongest support area where the Fibonacci 38.2% one-month and the SMA 200 one-day converge.
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