Bitcoin price prediction: BTC/USD recovery stalled above critical $10,000 - Bitcoin confluence
- 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.
Author
Tanya Abrosimova
Independent Analyst
