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6 June 2023
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Bitcoin Price Prediction: The range is too tight, Bitcoin gets ready for a breakthrough – Bitcoin confluence

  • BTC/USD paralyzed in a tight range as the market remains directionless.
  • An important support is created by $9,300. the first resistance is at $9,500.

Bitcoin (BTC) has barely moved since the start of the day. Moreover, the first digital asset has been locked in a tight range since May 15 as the cryptocurrency market strugglse to find the direcion amid rising global uncertainty. The downside movements are limited by the daily SMA50 and 1-hour SMA200 located under $9,400, while the upside is capped by $9,550.

At the time of writing, BTC/USD is changing hands at $9,430, while the RSI on a daily chart implies that the range-bound trading may stay in place during the nearest seccions. The intraday charts support the consolidation with a mild bullish bias. However, the consolidation period often ends in violent market movements

BTC/USD daily chart

Bitcoin confluence levels

There are a lot of strong technical barriers clustered both above and below the current price, which means, Bitcoin bulls might have a hard time building a recovery momentum. Meanwhile, bears will also face several tough barriers on their way down. Let’s have a closer look at the support and resistance levels.

Resistance levels

$9,500 – 4-hour SMA200 and SMA50, 1-hour SMA200, upper line of 1-hour Bollinger Band and 61.8% Fibo retracement daily

$9,600 – SMA100 (4-hour), the middle line of the daily Bollinger Band, 23.6% Fibo retracement monthly

$10,000 – the highest level of the previous week

Support levels

$9,300 – 23.6% Fibo retracement daily and weekly, 38.2% Fibo retracement monthly

$9,000 – Pivot Point 1-day Support 2, the lowest level of the previous week

$8.850 –  61.8% Fibo retracement monthly.

BTC/USD, 1-day


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