Tanya Abrosimova
Independent Analyst
- BTC/USD consolidates gains marginally above critical $10,000.
- The strong resistance awaits BTC bulls on approach to $10,200.
Bitcoin (BTС) has recovered from the recent low of $9,573 to trade at $10,1300 at the time of writing. The first digital coin has gained over 4% since this time on Wednesday, though it is still under pressure as the upside momentum fails to gain traction.
Bitcoin confluence levels
The Bitcoin (BTC) is sandwiched between firm support and resistance levels located both above and below the current price. While it may signal that we are in for an extended consolidation period, a decisive breakthrough in either direction will create a strong momentum.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$10,200 - SMA50 (Simple Moving Average) on a daily chart, SMA100 and SMA200 on 1-hour chart, SMA50 4-hour chart;
$10,350 - Pivot Point 1-day Resistance 3;
$10,700 - the upper line of 4-hour Bollinger Band;
Support levels
$10,000 - 38.2% Fibo retracement weekly, Pivot Point 1-day Resistance 1;
$9,900 - 61.8% Fibo retracement monthly, the middle line of 1-hour Bollinger Band;
$9,100 - 38.2% Fibo retracement daily, 23.6% Fibo retracement weekly.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.