TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin price prediction: BTC/USD on the verge of bullish breakthrough – Confluence Detector

  • BTC/USD has retreated from the recent high.
  • The short-term consolidation may lead to a bullish breakthrough.
Bitcoin price prediction: BTC/USD on the verge of bullish breakthrough – Confluence Detector
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


BTC/USD reached the top at $9,580 on Monday only to retreat to $9,411 by the time of writing. Despite the decline, BTC/USD is trading with 2.2% gains on a day-to-day basis amid global recovery on the cryptocurrency market. 

Read also: Cryptocurrency market update: Bitcoin refreshes $9,500 while Stellar skyrockets by 20%

Bitcoin confluence levels 

Looking technically, there are quite a few important barriers clustered with below and above the current price, which means that BTC/USD may be prone to range-bound trading in the short-run with positive bias. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$9,600 -  38.2% Fibo retracement weekly, the highest level of the previous day
$9,700 - psychological level, 23.6% Fibo retracement weekly and monthly
$10,000 - psychological level, the highest level of the previous week, the upper line of the Bollinger Band on a daily chart

Support levels

$9,200 - SMA50 (Simple Moving Average) on  one-hour and four-hour charts, SMA200 one-hour, 38.2% Fibo retracement monthly, the middle line of four-hour Bollinger Band
$9,000 - the lowest level of the previous week
$8,850 - Pivot Point one-week Support 1, 161.8% Fibo projection daily.

fxstreet original

 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.