Bitcoin price prediction: No conspicuous support areas in sight – Confluence Detector


  • Bitcoin price pushing for reversal above $10,000; upside strongly capped at $10,074 and $10,491.
  • Support areas melt into thin air as Bitcoin stares into the rabbit hope that could refresh $9,000 level.

Bitcoin, according to the experts on FXStreet is bearish in the short-term. However, the monthly timeframe shows a bullish bias. The events in the last 24 hours have been strongly bearish with Bitcoin sliding below $10,000. The bears have extended the price action to $9,869.47 (intraday low).

Although Bitcoin has made a shallow recovery to $10,050 (at the time of press), the upside is strongly capped after vital support areas turned into resistance zones. Glancing up from the current there exists a couple of prominent resistance levels at $10,074 and $10,491. Some of the indicators clustering at $10,074 includes the previous high 15-mins, Fibonacci 23.6% 1-month, previous high 1-hour, SMA 5 1-hour and Bollinger Band 15-mins middle.

Read alsoBitcoin market update: BTC/USD briefly nosedives under $10,000

Similarly, the indicators forming the resistance at $10,491 are the previous high 1-day, SMA 200 4-h, 38.2% 1-week and SMA 50 daily. Above this level, Bitcoin could revive its trend towards $11,00 and allow focus on levels around $12,000.

Looking at possible support levels, Bitcoin seems to be hanging in the balance. If the low formed at $9,869.47 is broken, the chances of diving to $9,344 will be very high. Therefore, sustaining Bitcoin above $10,000 would be the best gift the bulls can give themselves.

More confluence levels

 

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