- BTC/USD is sitting in a tight range mostly unchanged since the beginning of the day.
- The critical resistance is seen on approach to $9,900.
Bitcoin (BTC) has been locked in a tight range after a failed attempt to settle above $9,600 handle on Friday. At the time of writing, BTC/USD is changing hands at $9,594, mostly unchanged since the beginning of the day and on a day-on-day basis. The lower boundary fo the short-term range is limited by SMA50 (Simple Moving Average) 1-hour at $9,550, while the resistance is capped by the upper line of 1-hour Bollinger Band at $9.630.
Bitcoin confluence levels
There are strong technical levels located on both sides from the current price, which means that the coin may stay in the range in the nearest future. Low volatility and slow trading activity create perfect range-bound conditions. However, a breakthrough in either direction may result in a violent movement.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
$9,630 - the middle lines of 4-hour and 15-min Bollinger Bands, 23.6% Fibo retracement daily, SMA10 (Simple Moving Average) 1-hour, SMA50, SMA10 and SMA5 on 15-min chart.$10,100 - SMA100 (Simple Moving Average) daily, SMA40 4-hour, SMA200 1-hour, 23.6% Fibo retracement monthly.
$9,900 - 32.8% Fibo retracement weekly, SMA5 daily;
$10,100 - SMA100 (Simple Moving Average) daily, 23.6% Fibo retracement monthly.
$9,350 - the lowest level of the previous day, the lower line of 1-day Bollinger Band;
$9,100 - Pivot Point 1-week Support 1, the lowest level of the previous month;
$8,400 - Pivot Point 1-month Support 1.
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.