Tanya Abrosimova
Independent Analyst
- BTC/USD is locked in a tight range as the recovery falters.
- A sustainable move below $9,100 will take the price to $8,700.
Bitcoin (BTC) has recovered from the intraday low of $9,127; however, the upside is limited by $9,300. At the time of writing, BTC/USD is changing hands at at $9,250, mostly unchanged both on a day-to-day basis and since the beginning of Monday.
Bitcoin confluence levels
BTC/USD bulls and bears have taken time out. Low trading activity coupled with thee decreasing volatility locks Bitcoin in a tight range as the parties are waiting for something to happen.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$9,300 - SMA200 (Simple Moving Average) one-hour, SMA50 four-hour, 38.2% Fibo retracement monthly
$9,400 - Pivot Point one-day Resistance 1, the highest level of the previous day, the upper line of four-hour Bollinger Band
$9,700 - psychological level, 23.6% Fibo retracement weekly and monthly
Support levels
$9,200 - the upper line of the Bollinger Band on the one-hour chart, SMA50 on the one-hour chart, 61.8% Fibo retracement daily, the middle line of four-hour Bollinger Band
$9,100 - SMA200 daily, the lowest level of the previous day
$8,700 - SMA50 daily, Pivot Point one-day Support 3.
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