Bitcoin price prediction: BTC/USD stays lethargic, no way out from the range - Bitcoin confluence
|- BTC/USD bulls lose the initiative, push the coin back inside the range
- An important support is created by $9,000 handle.
Bitcoin (BTC) resumed the decline after a failed attempt to keep the upside momentum after a move above $9,200. The first digital asset hit the intraday high at $9,288 and retreated to $9,200 by the time of writing. On the intraday level, the coin has been moving within a short-term bearish bias within the recent tight range.
BTC/USD 1-hour chart
Bitcoin confluence levels
BTC/USD has been oscillating in a range since the start of the week, which means the coin may be vulnerable to sharp movements in either direction, once the motion is triggered. The upside is the path of least resistance at this stage; however, a move below the current support level may result in a violent sell-off. Let's have a closer look at the technical levels.
Resistance levels
$9,300 - lower upper of 1-hour and 4-hour Bollinger Bands, 38.2% Fibo retracement weekly, 4-hour SMA100
$9,500 - 4-hour SMA200, 61.8% Fibo retracement weekly
$9,800 - the highest level of the previous month, 61.8% Fibo retracement monthly
Support levels
$9,150 - 1-hour SMA50 and SMA200, 4-hour SMA50, 61.8% Fibo retracement daily, the middle line of the 4-hour Bollinger Band
$9,000 - the lower line of the daily Bollinger Band, the lowest level of the previous week
$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.