- Bitcoin' recovery journey will take all that the bulls have and a catalyst based on the numerous resistance zones.
- Support levels scattered towards $8,000 suggest that Bitcoin must avert incoming declines with a return above $9,000.
Bitcoin price kicked off the day at $8,720 on Tuesday. Amid the lethargic price action, the largest crypto rose to $8,760.49 (intraday high). The action also touched $8,697.90 (intraday low) but the price has adjusted to $8,750 (current market value). The domineering trend is bearish amid shrinking volatility which means that the bears have the mantle but lack the energy to force rapid movements to the south.
Bitcoin confluence levels
Bitcoin is in for a rough ride towards $10,000 if the current confluence resistance zones are anything to go with. However, a consolation in terms of multiple support areas comes in to sooth the troubled bulls.
The first resistance level is placed at $8,782 and is home to the SMA 100 15-minutes, previous high 15-mins, previous high 1-hour and Bollinger Band 15-mins upper curve. The path to $9,000 also presents another hurdle at $8,964 as highlighted by the Fibonacci 23.6% one-week, Fibo 61.8% one-day and SMA five one-day.
The strongest and most conspicuous resistance zone is the confluence formed by the BB 4-hour upper curve, Fibo 38.2% one-week and the pivot point one-day resistance one at $9,055. This resistance must come down if Bitcoin is to see $10,000 before 2019 comes to an end.
On the downside, Bitcoin is initially supported at $8,601. The indicators converging here are the SMA 50 one-day, previous low one-day, Fibo 61.8% one-month and the pivot point one-day support one. Other mild support areas are event distributed towards $8,000 including $8,510, $8,328 and $8,146.
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