Bitcoin Price Prediction: BTC/USD recovery limited by $9,300 – Confluence Detector
|- Bitcoin is range-bound with the bearish bias on Sunday.
- The local resistance is created by $9,300.
Bitcoin (BTC) is sitting in a tight range between $9,300 and $9,000 since the start of the day. At the time of writing, BTC/USD is changing hands at $9,175, mostly unchanged both on a day-to-day basis and since the beginning of Saturday. On the intraday charts, BTC is supported by 1-hour SMA50 (currently at $9,150), while the resistance is created by the intraday high $9,311. The initial bullish target is created by a psychological $9,600.
The short-term momentum remains bearish, with the RSI on the intraday charts flat, which means, the coin may continue the moving inside the range.
BTC/USD 1-hour chart
Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,300 – the middle line of the daily Bollinger Band, the upper line of the 1-hour Bollinger Band, the intraday high
$9,500 - 4-hour SMA50, 1-hour SMA100, Pivot Point 1-day Resistance 1
$9,800-$9,850 – an upper line of the 4-hour Bollinger Band, Pivot Point 1-week Resistance 1
Support levels
$9,000 – 23.6% Fibo retracement weekly, 61.8% Fibo retracement daily
$8,750 - 23.6% Fibo retracement monthly, 161.8% Fibo projection daily
$8,200 – 38.2% Fibo retracement monthly.
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