Bitcoin Price Analysis: BTC/USD targets $9,000 after a dull day – Confluence Detector
|- BTC/USD targets $9,000, but the upside momentum is slow.
- The local support is created by 1-hour SMA50 at $8,700.
Bitcoin price has recovered from the intraday low of $8,534 to trade at $8,920 at the time of writing. The coin used 1-hour SMA50 as a jumping-off ground to develop a correction though it is still below critical $9 000. Once it is cleared, the recovery may be extended towards $9,150 guarded by 1-hour SMA100 and SMA200.
While the short-term momentum remains bullish, the RSI on the intraday charts has reversed to the downside, which means, 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
$9,150 –61.8% Fibo retracement weekly, Pivot Point 1-Day Resistance 1, 1-hour SMA100
$9,500 – 38.2% Fibo retracement weekly, the highest level of the previous week
$10,000 – psychological level, Pivot Point 1-month Resistance 1
Support levels
$8,700 – the middle line of the 1-hour Bollinger Band, 1-hour SMA50, 23.6% Fibo retracement monthly
$8,500 - the lower line of the 1-hour Bollinger Band, the middle line of the daily Bollinger Band, 38.2% Fibo retracement daily
$8,100 – the lowest level of the previous day.
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.