Bitcoin Price Analysis: BTC/USD performs a dead-cat bounce ahead of the halving – Confluence Detector
|- Bitcoin (BTC) returns to the area below $9,000 after unsuccessful recovery attempt.
- BTC/USD may spend a few hours before halving in a range.
Bitcoin price stays below $9,000 after a failed attempt to clear this pivotal barrier. The first digital coin hit the intraday high at $9,176 before fresh selling interest pushed the price towards $8,800.
The American session is likely to bring more volatility as Bitcoin's halving is a few hours away. Other major cryptocurrencies such as Ripple and Ethereum are directionless amid jittery market sentiments.
The intraday chart shows the RSI staying flat below 70 (overbought zone). It means that the coin may stay range-bound in the nearest future.
BTC/USD 1-hour chart
Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,000 – psychological level, the highest level of the previous hour, 61.8% Fibo retracement daily
$9,200 – 1-hour SMA200, the upper line of the 15-min Bollinger Band, 4-hour SMA50
$9,500 – Pivot point 1 day Resistance 1, 38.2% Fibo retracement weekly, the highest level of the previous week.
Support levels
$8,700 – 23.6% Fibo retracement monthly, the middle line of the 1-hour Bollinger Band
$8,500 - the lower line of the 1-hour Bollinger Band, the middle line of the daily Bollinger Band
$8,100 – the lowest level of the previous day.
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