Bitcoin price prediction: BTC/USD may break free from range to the downside - Bitcoin confluence
|- BTC/USD consolidates in a tight range around $9,500.
- The strong resistance above the current price makes the bull's life harder.
Bitcoin (BTС) is oscillating in a tight range marginally below $9,500 handle. While the first digital asset managed to recover from the weekend low, the upside momentum remains to be weak, which makes it vulnerable to further sell-off.
Low trading activity and the lack of new catalysts, keep Bitcoin and all major altcoins in the ranges. However, this may be the calm before the storm.
Bitcoin confluence levels
The market has been rangebound recently, though strong resistance area located right above the current price implies that the range might be broken to the downside.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$9,600 - SMA50 (Simple Moving Average) 1-hour, 38.2% Fibo retracement daily, SMA10 4-hour;
$9,900 - 61.8% Fibo retracement monthly, Pivot Point 1-day Resistance 2;
$10,000 - psychological barrier, Pivot Point 1-day Resistance 3;
$10,400 - SMA50 daily, the middle line of 1-day Bollinger Band
Support levels
$9,300 - Pivot Point 1-week Support 1, Pivot Point 1-day Support 1;
$9,000 - psychological level, Pivot Point 1-day Support 3;
$8,750 - Pivot Point 1-week Support 2.
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.