Tanya Abrosimova
Independent Analyst
- BTC/USD has resumed the recovery after a consolidation period.
- The critical resistance is seen on approach to $10,000.
Bitcoin (BTC) is attempting to clear $9,800 during European hours on Monday. The first digital asset touched the intraday high at $9,838 and retreated to $9,800 by the time of writing. BTC/USD short-term upside trend is gaining traction amid foreign currency crisis in Argentina.
Read also: Foreign currency crisis in Argentina might have triggered Bitcoin growth
Bitcoin confluence levels
Now that BTC/USD cleared $9,600 barrier, the further upside looks highly likely. While the critical resistance is located on approach to psychological $10,000, the coin retains bullish bias as long as the price stays above $9,600. A way to the South is packed with strong technical barriers that may limit the downside correction.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$9,900 - SMA50 (Simple Moving Average) 4-hour and SMA200 1-hour, the upper line of 1-hour Bollinger Band
$10,000 - Pivot Point 1-day Resistance 1, 23.6% Fibo retracement monthly.
$10,400 - Pivot Point 1-week Resistance 1, SMA50 daily.
Support levels
$9,600 - the middle line of 4-hour Bollinger Band, 23.6% Fibo retracement weekly, SMA50 1-hour;
$9,350 - the lowest level of the previous month and the lowest level of the previous week, Pivot Point 1-day Support 3.
$9,000 - Pivot Point 1-month Support 1.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.