Bitcoin Price Analysis: BTC/USD may retest $9,500 during US trading hours – Confluence Detector
|- Bitcoin settled above $9,000, however, the critical $9,500 remains intact.
- The technical picture implies that the upside momentum may gain traction.
Bitcoin price managed to hit highs of $9,398 on Wednesday before retreating to $9,250 by press time. The level at $9,000 remains the pivotal support for the first digital coin. If it is broken, the sell-off may continue towards the intraday lows of $8,922. The American session is likely to remain bullish as volatility stays high. Other major cryptocurrencies such as Ripple and Ethereum are also on the rise. The coins have gained 1.9% and 2.0% respectively.
The daily chart shows the RSI looking upwards above 70 (overbought zone). It means that the coin has the potential to move towards $9,500.
BTC/USD daily chart
Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,500 – the highest level of the previous week and the highest level of the previous month
$9,700 – Pivot point 1 week Resistance 1
$10,000 – Pivot point 1 month Resistance 1
Support levels
$9,000 – 1-hour SMA100 and SMA50, daily SMA5, 15-min SMA200
$8,800 – 23.6% Fibo retracement monthly, 4-hour SMA50, 1-hour SMA200, 38.2% Fibo retracement weekly
$8,600 - the lower line of the 4-hour Bollinger Band, Pivot Point 1 day Support 2
BTC/USD, daily
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.