Bitcoin price prediction: BTC/USD trapped in a range, waiting for catalysts  - Bitcoin confluence


  • BTC/USD is consolidating in a tight range mostly unchanged since the beginning of the day.
  • The critical resistance is seen on approach to $10,300.

Bitcoin (BTC) resumed the decline and touched $10,173 low during early Asian hours. While the coin has recovered to trade at $10,200 at the time of writing, the overall sentiments about the first cryptocurrency remain bearish. BTC/USD has lost over 1% of its value in recent 24 hours and stayed unchanged since the beginning of the day.

Read also: Bitcoin price prediction: BTC/USD faces a stack of resistance on the path back to $10,300

Bitcoin confluence levels 

There are quite a number of technical levels clustered both above and below the current price. They may confine Bitcoin to the tight range for the time being; however, the way the downside looks like the path of least resistance at this stage. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$10,300 - SMA200 (Simple Moving Average) on one-hour and four-hour charts, SMA50 four-hour, SMA10 one-hour, 61.8% Fibo retracement daily.
$10,450 - SMA100 daily, Pivot Point one-day Resistance 1;
$11,200 - 61.8% Fibo retracement monthly, 161.8% Fibo projection weekly.

Support levels

$10,150 - the middle line of one-hour Bollinger Band, 38.2% Fibo retracement daily, the lower line of four-hour Bollinger Band;
$10,000 - 32.8% Fibo retracement weekly, the lower line of one-hour Bollinger Band;
$9,300 - Pivot point one-week Support 2. the lowest level of the previous month.

fxstreet oroginal

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BEST CRYPTO BROKERS/EXCHANGES

BTC

ETH

XRP