fxs_header_sponsor_anchor

Bitcoin price prediction: BTC bulls hit pause button before another growth attempt - Bitcoin confluence

  • BTC/USD bulls stopped within a whisker of $9.400.
  • The local support is now created by $9,200. 

Bitcoin (BTC) resumed the recovery and tested $9,380 during early Asian hours. While the upside momentum faded away on approach to the local resistance of $9,400, the short-term trend remains bullish as long as the price stays above $9,200. this barrier limited the recovery during the previous week, now it has a strong potential as a backstop for the bears. 

BTC/USD 1-hour chart

Also, Bitcoin's on-chain fundamentals are bullish and point to the increased holding patterns and adoption. The index, calculated by the cryptocurrency research company Glassnode,  increased by 1 point, reaching a score of 56 points as the market sentiments improved along with the Network Health.

Bitcoin confluence levels

BTC/USD is squeezed between strong technical levels, which means the coin may spend some time before another attempt to develop a directional move. While a breakthrough above $9,200 is a positive short-term signal, the technical picture remains uncertain at this stage as there are quite a few barriers both above and below the current price. Let's have a closer look at the support and resistance areas.

Resistance levels

$9,300 - 23.6% Fibo retracement daily, the middle line of the 1-hour and daily Bollinger Bands, the highest level of the previous week
 $9,500 - Pivot Point 1-week Resistance 1, Pivot Point 1-day Resistance 2
$9,800 - 61.8% Fibo retracement monthly

Support levels

$9,150 - 38.2% Fibo retracement weekly, 1-hour SMA100 and SMA200, 4-hour SMA50
$9,000 - the lower line of the daily Bollinger Band, the lowest level of the previous day
$8,500 - Pivot Point 1-month Support 1, Pivot Point 1-week Support 2. 

BTC/USD, 1-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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.