Bitcoin price prediction: BTC/USD resumes the decline as $10,000 surrendered
- BTC/USD consolidates losses well below critical $10,000.
- The strong resistance awaits BTC bulls on approach to $9,900.
Bitcoin (BTС) failed to stay above $10,000 handle and retested $9,657 low during early Asian hours on Friday. While the first digital currency managed to recover towards $9,722 by the time of writing, the short-term trend remains bearish as long as the price stays below $10,000.
Bitcoin confluence levels
The market is dominated by bears, which is confirmed by the confluence levels picture. The area above the current price is packed with strong technical levels, making it difficult for the bulls to push BTC/USD higher. The downside looks less crowded, though there are a couple of significant support levels as well.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$9,900 - 61.8% Fibo retracement monthly and daily, the middle line of 1-hour Bollinger Band, SMA10 (Simple Moving Average) 4-hour;
$10,000 - psychological barrier, 38.2% Fibo retracement weekly and daily;
$10,200 - SMA200 on 1-hour chart, SMA50 4-hour chart. SMA50 daily.
Support levels
$9,600 - the lower line of 1-hour Bollinger Band, 23.6% Fibo retracement weekly.
$9,250 - Pivot Point 1-day Support 3, Pivot Point 1-week Support 1.
$9,000 - psychological level with the previous week low located on approach.
Author
Tanya Abrosimova
Independent Analyst
