Bitcoin price prediction: BTC/USD may break free from range to the downside - Bitcoin confluence
- BTC/USD consolidates in a tight range around $9,500.
- The strong resistance above the current price makes the bull's life harder.
Bitcoin (BTС) is oscillating in a tight range marginally below $9,500 handle. While the first digital asset managed to recover from the weekend low, the upside momentum remains to be weak, which makes it vulnerable to further sell-off.
Low trading activity and the lack of new catalysts, keep Bitcoin and all major altcoins in the ranges. However, this may be the calm before the storm.
Bitcoin confluence levels
The market has been rangebound recently, though strong resistance area located right above the current price implies that the range might be broken to the downside.
Let's have a closer look at the barriers that might influence Bitcoin's movements in the short run.
Resistance levels
$9,600 - SMA50 (Simple Moving Average) 1-hour, 38.2% Fibo retracement daily, SMA10 4-hour;
$9,900 - 61.8% Fibo retracement monthly, Pivot Point 1-day Resistance 2;
$10,000 - psychological barrier, Pivot Point 1-day Resistance 3;
$10,400 - SMA50 daily, the middle line of 1-day Bollinger Band
Support levels
$9,300 - Pivot Point 1-week Support 1, Pivot Point 1-day Support 1;
$9,000 - psychological level, Pivot Point 1-day Support 3;
$8,750 - Pivot Point 1-week Support 2.
Author
Tanya Abrosimova
Independent Analyst
