Bitcoin price prediction: BTC/USD recovered from intraday low, upside is limited

  • BTC/USD consolidates losses well below critical $10,000.
  • The strong resistance awaits BTC bulls on approach to $10,450.

Bitcoin (BTС) has recovered from the intraday low of $9,573 to trade at $9,700 at the time of writing. The first digital coin has lost over 4% since the beginning of the day and stayed under the bearish pressure that took it from the recent recovery high of $11,150 touched on July 20. 

Bitcoin confluence levels 

The Bitcoin (BTC) price is hovering well below $10,000 amid strong bearish bias. The way to the North is packed with strong technical levels, which increases the likelihood of a further decline in the nearest future.

Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

Resistance levels

$9,900 – the middle line of 1-hour Bollinger Band, 61.8% Fibo retracement monthly, SMA50 (Simple Moving Average) 15-min chart;
$10,000 – psychological level, 38.2% Fibo retracement weekly and 38.2$ Fibo retracement daily.
$10,450 – SMA50 4-hour, SMA200 1-hour, SMA10 daily, the middle line of 4-hour Bollinger Band;
$10,700 – Pivot Point 1-day Resistance 3;

Support levels

$9,550 – 23.6% Fibo retracement weekly, Pivot Point 1-day Support 1, daily low;
$9,300 – Pivot Point 1-week Support 1, the lower line of 1-day Bollinger Band;
$9,100 – the lowest level of the previous week.

Source Link