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27 September 2022
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Bitcoin

Bitcoin Price Prediction: BTC/USD bears target at $9,000 – Confluence Detector

  • BTC/USD needs to recover above $9,500 to improve the short-term picture.
  • The critical support is created by psychological $9,000.

Bitcoin (BTC) dropped below the lower boundary of the recent consolidation range of $9,800-$9,400 to trade at $9.350 at the time of writing. The first digital asset has lost over 4% in the recent 24 hours following the sharp sell-off triggered by the allegations that someone, probably Satoshi Nakamoto, moved 50 BTC. On the intraday charts, BTC recovered from the intraday low of $9,200, though it is still down 1.5% since the beginning of the day. The local resistance is created by 1-hour SMA200 above $9,500. The ultimate bullish target is created by a psychological $10,000.

The short-term momentum remains bearish, with the RSI on the intraday charts flat and close to the oversold levels, which means, the coin may continue the moving inside the range. 

BTC/USD 1-hour chart

Let’s have a closer look at support and resistance levels clustered around the current price.

Resistance levels

$9,500 – the lower line of the 4-hour Bollinger Band, the highest level of the previous month, 23.6% Fibo retracement daily
$9,700 – 1-hour SMA100, the middle line of the 4-hour Bollinger Band, 61.8% Fibo retracement daily
$9,950-$10,000 – the highest level of the previous week, the upper line of the 4-hour Bollinger Band, Pivot Point 1-month Resistance 1

Support levels

$9,300 – Pivot Point 1-day Support 1, 61.8% Fibo retracement weekly
$9,000 – Pivot Point 1-day Support 3
$8,700 – 23.6% Fibo retracement

fxsoriginal

News source

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