Bitcoin Price Analysis: BTC/USD locked in a tight range, breakthrough is imminent – Confluence Detector
Bitcoin (BTC) has been locked in a tight range between $9,800 and $9,400 since Monday. At the time of writing, BTC/USD is changing hands below $9,700, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. On the intraday charts, BTC is supported by 1-hour SMA100 (currently at $9,600), while the resistance is created by 1-hour SMA50 on approach to $9,800. The ultimate bullish target is created by a psychological $10,000.
Ethereum (ETH) is changing hands at $214.20, mostly unchanged since the beginning of the day. The coin has recovered from the intraday low of $209.22, but further upside seems to be limited so far. Ethereum’s daily trading volume has exceeded $14.5 billion, while its total market value reached $29 billion.
Ripple has moved lower on Tuesday and the price is now testing the 55 exponential moving average (EMA) once again. Historically looking at the chart, the 55 EMA has been respected on a few occasions.
If the daily candle does closer lower on the session then the 0.18 support zone could be retested again. During December the market hit the aforementioned support level and the price moved higher with dramatic effect.
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