Bitcoin Price Analysis: BTC/USD capped by 1-hour SMA50

Bitcoin is locked in a range with the upside limited by 1-hour SMA50.
The recovery above $9,000 is needed to improve the technical picture.

BTC/USD is changing hands at $8,820 as bullish attempts stop short of the local resistance created by the sloping 1-hour SMA50. The bulls forced this barrier during early Asian hours, but failed to hold the ground and retreated to the previous range. BTC has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday and the market struggles to figure out where to go next.

The intraday chart shows that the RSI stays flat in a neutral area with a mild bullish bias. It means that the coin may continue moving in a tight range below $9,000.

BTC/USD 1-hour chart

Let’s have a closer look at support and resistance levels clustered around the current price.

Resistance levels

$8,800 – 1-hour SMA50
$9,000 - 23.6% Fibo retracement weekly, 1-hour SMA100, Pivot Point 1-day Resistance 1
$9,300 – a middle line of the daily Bollinger Band, 4-hour SMA40, 1-hour SMA200

Support levels

$8,700 - 23.6% Fibo retracement monthly, Pivot Point 1-day Support 1
$8,500 - the lower line of the daily Bollinger Band, Pivot Point 1-day Support 2
$8,200 – 38.2% Fibo retracement monthly

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.