- 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
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
![Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-37949586_XtraSmall.jpg)
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
![Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_04_XtraSmall.jpg)
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
![WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_4_XtraSmall.jpg)
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
![Bitcoin: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.