Bitcoin Price Prediction: BTC/USD recovers from lows, still trapped - Bitcoin confluence
- BTC/USD is still directioless, moving inside the range.
- An important resistance is created by $9,500, the support is at $9,000.
Bitcoin (BTC) has been moving inside the range with bearish bias since the start of Friday. The first digital asset touched the intraday low of $9,230 during early Asian hours, but recovered to $9,380 by press time. While the uspide momentum has resumed, BTC/USD is still locked in a tight range with the upper boundary at $9,550. A sustainable move above this barrier is needed for the recovery to gain traction.
The RSI on a daily chart stays flat on the neutral territory, which means that the coin may stay locked in a range during the implies that the range-bound trading may stay in place during the nearest sessions. The intraday charts support the sideway trading; however, the longer the price stays in the range the more violent the following movement is.
BTC/USD daily char
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There are a lot of strong technical barriers clustered both above and below the current price. It means that bulls and bears have to fight for the dominance. Let's have a closer look at the support and resistance levels.
Resistance levels
$9,500 - 4-hour SMA200, the highest level of the previous day
$9,600 - 23.6% Fibo retracement monthly, the upper line of the 4-hour Bollinger Band, the middle line of the daily Bollinger Band
$10,000 - the highest level of the previous week
Support levels
$9,300 - 23.6% Fibo retracement daily and weekly, 38.2% Fibo retracement daily and monthly, the middle line of the 1-hour Bollinger Band
$9,100 - Pivot Point 1-day Support 2, the lowest level of the previous week
$8.850 - 61.8% Fibo retracement monthly.
BTC/USD, 1-day
Author
Tanya Abrosimova
Independent Analyst
