Bitcoin Price Analysis: BTC/USD bullish case fading on hitting $9,600 – Confluence Detector
|- Bitcoin price marvelous price action this week comes to a halt under $9,700.
- BTC/USD encounters increased selling activity at $9,600; forced to seek refuge towards $9,500.
Bitcoin price continued to build on the bullish price cash commenced earlier in the week. Support above $9,300 as discussed on Thursday was instrumental for the next run-up towards $10,000. The largest cryptocurrency took down the resistance at $9,500 and that at $9,600. Bulls tried to push past $9,700 but due to the emergence of selling pressure, BTC/USD hit a new monthly high at $9,691.
The aforementioned selling pressure saw Bitcoin lose traction, dropping under $9,600. At the time of writing, BTC/USD is doddering at $9,558. Buyers are working extremely hard to keep the price above the ascending trendline. However, as it stands, bears seem to have the upper hand. The hourly BTC/USD chart highlights a retreating RSI. The same downtrend has also befallen the MACD, further reinforcing the bearish scenario.
BTC/USD 1-hour chart
Bitcoin confluence resistance and support levels
Resistance one: $9,596 – Highlights a cluster of technical indicators including the previous low 4-hour, SMA 100 15-minutes, SMA five 15-minutes, the Bollinger Band 1-hour middle and the previous high 1-hour.
Resistance two: $9,695 – As shown by the converging pivot point one-week resistance three, the Bollinger Band 1-hour upper, the previous high one-day and the pivot point one-day resistance one.
Support one: $9,497 – Is a zone that is home to the previous low one-day, the SMA 200 15-minutes, SMA 50 1-hour, the Bollinger Band 1-hour lower and the pivot point one-day support one.
Support two: $9,397 – Highlighted by the SMA 50 one-day, the pivot point one-day support two, the SMA 100 1-hour and SMA five one-day.
As seen from the chart above, the path of least resistance is downwards. Therefore, it is essential that bulls keep the price above $9,500 as they gather the strength for gains towards $10,000.
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