- BTC/USD is growing inside the range, the critical resistance is still untouched.
- An important support is created by $9,300. the first resistance is at $9,500.
Bitcoin (BTC) has recovered above $9,400; however the critical channel resistance remains unbroken. This level has been limiting Bitcoin’s recovere for the most part of the previous week. The first digital asset touched the intraday low of $9,269 during early Asian hours, but siwtly recovered to $9,450 by press time. While the uspide momentum has stalled, BTC/USD is still moving within a short-term bullish trend amid expanding volatility.
The intraday RSI stays flat close to the overbought area. It means that the coin may have hard time moving forward. However, the upside may be resumed after a short-term consolidation period.
BTC/USD daily chart
Bitcoin confluence levels
There are a few technical barriers located both above and below the current price. However, the upside now looks like a path of least resistance. Let’s have a closer look at the support and resistance levels.
$9,500 – 4-hour SMA200, the highest level of the previous day, the upper boundary of the 4-hour Bollinger Band.
$9,700 – Pivot Poitn 1-week Resistance 1, 23.6% Fibo retracement monthly
$10,000 -161.8% Fibo Projections weekly
$9,300 – 38.2% Fibo retracement monthly and daily, 23.6% Fibo retracement daily, 61.8% Fibo retracement weekly, 1-hour SMA50 and SMA100, the upper line of the 4-hour Bollinger band.
$9,200 – Pivot Point 1-day Support 2, 38.2% Fibo retracemenbt weeky
$8,850 – 61.8% Fibo retracement monthly.