- Bitcoin recovery fizzled at $10,200 rock-solid impenetrable barrier.
- Bitcoin must jump above $10,000 to avoid an impending leg to $9,000.
Bitcoin dived back under $10,000 on Thursday killing investors’ hopes for short-term recovery. As discussed earlier today, $10,200 proved to be a rock-solid impenetrable barrier. This forced Bitcoin down on key support levels. It is clear that $10,000 is a fluctuation level and, therefore, not a formidable support area.
At the time of writing, Bitcoin is trading at 9,762 after failing to break above $9,800. Besides, the confluence detector tool places more resistance at $9,827. Multiple technical indicators converge to form resistance at this area. They range from the Bollinger Band 15-mins Middle, SMA 5 1-hour, SMA 10 15-mins, SMA 5 15-mins, Previous High 15-mins, SMA 5-4-h, and BB 1-h middle among others.
A break above this level will be in for a mega hurdle at $9,926 highlighting technicals like the BB 4-h Middle, Fib 61.8% 1-M, Fib 61.8% 1-D and the SMA 10 4-hour. On reclaiming position above $10,000, the resistances that exists towards $11,000 range from mild to average.
Glancing lower, we see the first support at $9,726: Pivot Point 1-Day S1. The next significant support lies at $9,319 and $9,116 respectively. According to the technical levels, Bitcoin must jump above $10,000 to be safe otherwise another leg south could bring it down to $9,000.
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