Tanya Abrosimova
Independent Analyst
- BTC/USD stays dangerously close to a critical support level.
- The critical resistance is seen on approach to $10,200.
Bitcoin (BTC) has been hovering around $10,000 handle on Wednesday. Several attempts to take the price lower failed as buyers popped in each time the price touched the area below the critical support. BT/USD stays unchanged both on a day-on-day basis and since the beginning of the day.
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Bitcoin confluence levels
There are quite a number of technical levels above the current price, which means that Bitcoin is vulnerable to new losses. The downside looks like a path of least resistance at this stage; however, lack of follow-through on the way down may discourage bears.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$10,200 - SMA10 (Simple Moving Average) four-hour, SMA100 four-hour, the middle line of daily Bollinger Band.
$10,500 - SMA50 daily, SMA200 four-hour, 38.2% Fibo retracement weekly;
$10,600 - 161.8% Fibo projection, 23.6% Fibo retracement weekly.
Support levels
$10,000 -23.6% Fibo retracement daily and monthly, a host of short-term SMA levels;
$9,500 - Pivot Point one-week Support 1;
$9,300 - the lowest level of the previous month.
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