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Bitcoin price prediction: BTC/USD short-term trend remains bleak – Confluence Detector

  • Bitcoin futures trading on Bakkt has a drab start amid general market retracement.
  • Bitcoin’s shallow recovery fails to rise above $9,800; the potential for lower correction is still high.

Bitcoin’s meltdown continues despite the first physically settled Bitcoin futures introduction in the cryptocurrency market. It seems institutional are yet to get a grip around the product likely to bring up demand and volume for Bitcoin. Interest in the product is expected to continue growing over time.

Read moreBakkt Bitcoin futures drab start sinks Bitcoin to $9,600: There is potential for growth

In other news making headlines across the cryptocurrency space, the UK police will be auctioning $600,000 worth of cryptocurrency. The organization in charge of the auction is the Ireland-based Wilsons Auctions. Auction has been set for Wednesday, September 25 and will see assets in Bitcoin, Ethereum and XRP sold.

Bitcoin confluence levels

Bitcoin has seen a shallow recovery from yesterday’s drop to $9,600 area. However, the correction above $9,700 failed to smash the resistance at$9,800. For now, the largest cryptocurrency by market capitalization is valued at $9,743 amid a slightly building bullish momentum.

The confluence detector tool places the initial resistance at $9,789. This zone is only one of three prominent hurdles below $10,500. The other two are observed at $10,0093 and $10,498 respectively. The cluster of indicators forming the resistance at $9,789 range from SMA 5 15-mins, previous high 15-mins, SMA10 15-mins, Bollinger Band 15-mins upper, previous high 4-hour and Fibonacci 38.2% daily among others.

On the downside, support areas are not as prominent as resistance zones. The first and most important support is $9,688. Only the Bollinger Band 15-mins lower is forming the resistance at this zone. Other weaker support areas likely to cushion the drop include $9,384, $8,979 and $8,574.

Prediction: Bitcoin is likely to refresh the lows close to $9,400 in order to create demand for a sustained correction above $10,000.

More confluence levels

 

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