- Bitcoin stalls under $9,200 but SalsaTekila, a pseudonymous analyst believes BTC/USD is heading to $13,000.
- BTC/USD could settle for consolidation based on the short term technical picture.
Bitcoin alongside other cryptocurrencies continues to encounter gruesome days. To many, the largest cryptocurrency has no fighting power left to rise above $10,000. However, there are some analysts who are choosing to remain bullish like the pseudonymous SalsaTekila. The analyst says that Bitcoin is “heading towards $13K mid-term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.”
Bitcoin technical picture
Bitcoin is trading at $9,168 at the time of writing. On the upside, $9,200 is the initial but key resistance. Note that, recovery from levels explored under $9,000 last week failed to sustain gains above $9,300. More hurdles are expected at $9,400, $9,500 and $9,600.
In addition, the price is trading below the 50-day SMA. Gains above this moving average could eventually catapult Bitcoin above $9,500; a move that could help shift the focus back to $10,000. On the flip side, support is expected at the former pivotal level $9,100. The buyer congestion at $9,100 is also in line to prevent losses into the $8,000’s range. If push comes to shove and BTC/USD spirals towards $8,000, the 200-day SMA ($8,483.35) could come in handy.
Technically, Bitcoin is entering into consolidation according to the RSI. The indicators is currently leveling at 48 after a minor recovery from levels around 40. The MACD also emphasizes that sideways trading would take precedence in the coming sessions. However, the MACD is in the negative region and features a small bearish divergence. In other words, sellers seem to have the upper hand. For now, keeping the price above $9,100 would give the bulls a chance to fight for $9,200.
BTC/USD daily chart
-637290893855092213.png)
Bitcoin confluence resistance and support areas
Resistance one: $9,212 – This zone is home to the Bollinger Band 1-hour upper, the previous high 4-hour, previous high one-day and the Bollinger Band 4-hour upper.
Resistance two: $9,402 – The seller congestion zone is highlighted by the pivot one-day resistance two, the Bollinger Band one-day middle curve, the Fibo 38.2% one-month and the 100 SMA 4-hour.
Resistance three: 9,688 – This zone hosts the Fibo 23.36% one-month and the pivot one-week resistance one.
Support one: $9,116 – This buyer congestion zone highlights the SMA 200 15-minutes, the Bollinger Band 4-hour middle, the Fibo 61.8% one-day and the SMA ten 4-hour.
Support two: $8,926 – This confluence is formed by the pivot point one-week support one, the pivot point daily support three and the Fibo 61.8% one-month.
Support three: $8,354 – This zone is home to the SMA 200 daily and the pivot point one-month support one.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.