Bitcoin price prediction: BTC/USD recovery stalled on approach to $10,000  - Bitcoin #confluence

  • BTC/USD consolidates below $10,000; the downside is the path of least resistance.
  • The strong support awaits BTC bulls on approach to $9,600.

Bitcoin (BTC) is hovering around $9,800 handle. The first digital cryptocurrency has been range-bound during early Asian hours, off the recent lows. The coin has gained over 3% since this time on Wednesday; however, the critical $10,000 regains unbroken as of yet.

Bitcoin confluence levels 

The area both above and below the current price is packed with strong technical levels that may limit the short-term movements of the coin. The way to the South looks like the path of least resistance at this stage; however, a few strong support levels may discourage the bears. Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.

Resistance levels

$9,800 - 23.6% Fibo retracement daily, SMA50 (Simple Moving Average) 1-hour, SMA10 1-hour;
$9,900 - 61.8% Fibo retracement monthly; 
$10,000 - psychological level, the highest level of the previous day, the highest level of the previous 4-hour timeframe.

Support levels

$9,600 - 161.8% Fibo retracement weekly;
$9,000 - the lowest level of the previous day;
$8,500 - Pivot Point 1-week Support 3;

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