Bitcoin price prediction: BTC/USD knocks at $9,600 - Bitcoin confluence
- BTC/USD is trying to break free from the range.
- The critical support is seen on approach to $9,350.
Bitcoin (BTC) trying to clear $9,600 handle amid growing volatility. The first digital coin has been range-bound since Friday, August 30; however, the situation may change drastically after the global financial markets open on Monday. While Bitcoin’s correlation with other asset classes remains low, the developments on the global market may influence the sentiments in the cryptocurrency universe.
Bitcoin confluence levels
While there are strong technical levels on both sides of the current price, the way to the South looks more crowded. Strong technical levels are clustered all the way down to $9,300. The bulls are better positioned, though they will also have to overcome quite a number of barriers.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$9,670 - 23.6% Fibo retracement daily and weekly, the upper lines of 1-hour and 15-min Bollinger Bands.
$9,850 - 32.8% Fibo retracement weekly, Pivot Point 1-day Resistance 1.
$10,000 - 23.6% Fibo retracement monthly.
$10,400 - Pivot Point 1-week Resistance 1.
Support levels
$9,550 - SMA50 (Simple Moving Average), SMA100, SMA10 1-hour, SMA10 and SMA5 4-hour, the lower lines of 1-hour and 15-min Bollinger Bands, the middle line of 4-hour Bollinger Band, 38.2% daily;
$9,350 - the lowest level of the previous month and the lowest level of the previous week, the lower line of 1-day Bollinger Band;
$8,400 - Pivot Point 1-month Support 1, Pivot Point 1-week Support 2.
Author
Tanya Abrosimova
Independent Analyst
