Tanya Abrosimova
Independent Analyst
- Bitcoin has settled in the middle of $9,000-$10,000 range.
- A critical resistance of $11,000 is still out of reach.
Despite a bout of volatility, #Bitcoin (BTC) has been oscillating in a tight range and has barely changed since the weekend. At the time of writing, NBTC/USD is changing hands at $9,467, down nearly 2% in recent 24 hours and unchanged since the beginning of the day. Meanwhile, the first digital coin is still significantly lower on a week-on-week basis (-7%).
Bitcoin's technical picture
From the longer-term perspective, the key support awaits BTC/USD on approach to $8,800. This area is strengthened by a confluence of daily SMA100 (Simple Moving Average) and the lower line of Bollinger Bands on a daily chart. A sustainable move below this handle will worsen the technical picture and allow for an extended sell-off with the next focus on psychological $8,000 and $7,850 (the middle line of Bollinger Bands on a weekly chart).
On the upside, we will need to see a sustainable move above $10,000 for the upside to gain traction. This barrier has been holding back the recovery since July 24, as numerous attempts to crack it failed to materialize.
The next resistance awaits at $10,450 (SMA50 daily chart). Once it is out of the way, the upside is likely to gain traction with the subsequent focus on $11,000.
BTC/USD, 1-day chart
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